Glenview Trust Co Makes New Investment in Enbridge Inc $ENB

Glenview Trust Co acquired a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 43,045 shares of the pipeline company’s stock, valued at approximately $2,333,000.

A number of other large investors also recently modified their holdings of ENB. Deutsche Bank AG bought a new stake in Enbridge during the second quarter worth $1,850,502,000. Norges Bank bought a new position in Enbridge during the 4th quarter valued at $1,195,559,000. Ontario Teachers Pension Plan Board purchased a new position in Enbridge during the 2nd quarter worth $467,782,000. Auto Owners Insurance Co boosted its holdings in Enbridge by 4,683.0% during the 4th quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after acquiring an additional 8,387,721 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Enbridge in the 2nd quarter worth $412,627,000. Institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank Of Canada lifted their target price on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. US Capital Advisors raised shares of Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Enbridge Stock Performance

NYSE:ENB opened at $50.17 on Friday. The stock has a market cap of $109.57 billion, a P/E ratio of 26.83 and a beta of 0.58. 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 business’s 50-day moving average price is $53.64 and its two-hundred day moving average price is $54.00. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion during the quarter, compared to analyst estimates 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 firm earned $0.65 earnings per share. As a group, equities analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s payout ratio is currently 147.06%.

Key Enbridge News

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream’s crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

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.