Perigon Wealth Management LLC Purchases New Position in Enbridge Inc $ENB

Perigon Wealth Management LLC acquired a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,512 shares of the pipeline company’s stock, valued at approximately $570,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC purchased a new position in Enbridge in the 4th quarter worth approximately $261,000. AQR Capital Management LLC raised its stake in shares of Enbridge by 68.5% during the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock valued at $1,264,000 after purchasing an additional 11,599 shares during the period. AXA S.A. raised its stake in shares of Enbridge by 15.5% during the second quarter. AXA S.A. now owns 113,887 shares of the pipeline company’s stock valued at $5,161,000 after purchasing an additional 15,259 shares during the period. Diversify Advisory Services LLC lifted its position in shares of Enbridge by 93.1% during the second quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company’s stock worth $1,042,000 after purchasing an additional 10,617 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Enbridge by 80.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company’s stock worth $3,553,000 after purchasing an additional 34,912 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

Enbridge stock opened at $50.28 on Thursday. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The stock has a market cap of $109.81 billion, a P/E ratio of 26.89 and a beta of 0.58. The stock has a 50 day moving average of $54.36 and a 200-day moving average of $54.00.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $9.70 billion for 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 period in the prior year, the company posted $0.65 earnings per share. On average, analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Dividend Announcement

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

Analyst Upgrades and Downgrades

ENB has been the subject of a number of recent analyst reports. Raymond James Financial lowered shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. TD Securities reiterated a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. Royal Bank Of Canada raised their target price on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $67.00.

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.