Enbridge Inc $ENB Position Increased by Caisse de depot et placement du Quebec

Caisse de depot et placement du Quebec lifted its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,727,626 shares of the pipeline company’s stock after acquiring an additional 255,940 shares during the period. Caisse de depot et placement du Quebec’s holdings in Enbridge were worth $256,283,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Deutsche Bank AG acquired a new position in shares of Enbridge during the 2nd quarter worth $1,850,502,000. Norges Bank acquired a new position in shares of Enbridge in the 4th quarter valued at $1,195,559,000. Ontario Teachers Pension Plan Board acquired a new stake in Enbridge in the 2nd quarter valued at $467,782,000. Auto Owners Insurance Co grew its stake in Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after buying an additional 8,387,721 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Enbridge in the second quarter valued at $412,627,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ENB shares. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Wolfe Research set a $50.00 price objective on Enbridge in a research note on Tuesday, August 4th. Raymond James Financial lowered shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report on Friday, July 31st. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. Finally, TD Securities restated a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $67.00.

Enbridge News Summary

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Permian Basin expansion: Enbridge agreed to acquire Salt Creek Midstream’s crude oil gathering business for US$600 million in cash. The assets include approximately 500 miles of infrastructure in the Delaware Basin, including full ownership of the Orla and Wink North systems and a 50% interest in the Delaware Crossing system. The deal expands Enbridge’s integrated crude oil gathering and export operations in a prolific U.S. production region and could provide additional fee-based cash flow. Reuters acquisition report
• Neutral Sentiment: Line 5 leak contained: A truck-related incident during work on Enbridge’s Line 5 in northeastern Wisconsin caused a gas leak and prompted evacuations of nearby homes. Subsequent air monitoring reportedly found no hazardous gas levels, reducing the immediate health and operational risk, although the event could renew scrutiny of the pipeline and create potential regulatory or liability concerns. Wisconsin Public Radio Line 5 report
• Negative Sentiment: Short interest has surged: Short interest reached 69.8 million shares as of August 14, up 124.1% from July 30 and equivalent to about 3.2% of shares outstanding. The roughly 9.9-day short-interest ratio indicates increased bearish positioning and could weigh on sentiment, despite also creating the possibility of short-covering if positive news continues.

Enbridge Stock Up 1.3%

ENB stock opened at $50.38 on Thursday. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The firm has a market capitalization of $110.03 billion, a PE ratio of 26.94 and a beta of 0.58. The stock’s 50 day moving average is $53.82 and its 200-day moving average is $54.03.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the business earned $0.65 EPS. Sell-side analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is 147.06%.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.