Thornburg Investment Management Inc. Boosts Stock Position in Enbridge Inc $ENB

Thornburg Investment Management Inc. raised its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 3,674,988 shares of the pipeline company’s stock after buying an additional 33,954 shares during the period. Enbridge accounts for approximately 1.9% of Thornburg Investment Management Inc.’s investment portfolio, making the stock its 15th largest position. Thornburg Investment Management Inc.’s holdings in Enbridge were worth $199,115,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Empowered Funds LLC grew its position in Enbridge by 24.2% in the first quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock worth $5,956,000 after acquiring an additional 21,442 shares during the period. SCS Capital Management LLC acquired a new position in Enbridge during the second quarter worth $9,204,000. RNC Capital Management LLC boosted its holdings in Enbridge by 1.6% during the 4th quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company’s stock valued at $69,196,000 after acquiring an additional 22,637 shares during the period. Western Wealth Management LLC boosted its stake in shares of Enbridge by 346.8% in the first quarter. Western Wealth Management LLC now owns 36,190 shares of the pipeline company’s stock valued at $1,959,000 after purchasing an additional 28,091 shares during the period. Finally, Intact Investment Management Inc. grew its stake in shares of Enbridge by 22.8% in the fourth quarter. Intact Investment Management Inc. now owns 987,976 shares of the pipeline company’s stock worth $47,275,000 after acquiring an additional 183,163 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on ENB. Raymond James Financial cut shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, August 19th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Wolfe Research set a $50.00 target price on Enbridge in a report on Tuesday, August 4th. Finally, Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $67.00.

Enbridge Stock Performance

NYSE:ENB opened at $50.17 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45. The stock has a market cap of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58. The firm’s fifty day simple moving average is $53.64 and its 200-day simple moving average is $54.00.

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

Enbridge Dividend Announcement

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

Key Stories Impacting Enbridge

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

About Enbridge

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.