Energy Income Partners LLC Takes $31.29 Million Position in Enbridge Inc $ENB

Energy Income Partners LLC bought a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 2nd quarter, Holdings Channel.com reports. The firm bought 577,231 shares of the pipeline company’s stock, valued at approximately $31,292,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after acquiring an additional 2,067,516 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Enbridge in the second quarter worth approximately $1,850,502,000. Norges Bank bought a new position in Enbridge during the 4th quarter valued at $1,195,559,000. Geode Capital Management LLC grew its position in Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock worth $1,045,172,000 after purchasing an additional 1,415,995 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock valued at $942,806,000 after acquiring an additional 858,323 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ENB shares. Royal Bank Of Canada raised their price objective on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Scotiabank restated an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. TD Securities reissued a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $67.00.

Enbridge Trading Up 1.7%

Enbridge stock opened at $51.41 on Wednesday. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The business has a 50-day simple moving average of $54.49 and a two-hundred day simple moving average of $53.99. 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 company has a market cap of $112.29 billion, a P/E ratio of 27.49 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted 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. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The firm had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business posted $0.65 EPS. Analysts predict that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 7.5%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio is presently 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.