Corient Private Wealth LP Makes New Investment in Enbridge Inc $ENB

Corient Private Wealth LP acquired a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, Holdings Channel.com reports. The firm acquired 287,986 shares of the pipeline company’s stock, valued at approximately $11,996,000.

Several other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG bought a new stake in shares of Enbridge during the 2nd quarter worth approximately $1,850,502,000. Norges Bank purchased 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 valued at $1,045,172,000 after acquiring an additional 1,415,995 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Enbridge by 18.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock valued at $1,117,353,000 after acquiring an additional 3,205,322 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after purchasing an additional 858,323 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 0.5%

Shares of Enbridge stock opened at $50.17 on Friday. The firm’s 50 day simple moving average is $53.64 and its two-hundred day simple moving average is $54.00. The firm has a market capitalization of $109.57 billion, a price-to-earnings ratio of 26.83 and a beta of 0.58. Enbridge Inc has a 12-month low of $45.03 and a 12-month 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.

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

Enbridge Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Canadian Imperial Bank of Commerce upgraded Enbridge from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. Wolfe Research set a $50.00 price target on shares of Enbridge in a report on Tuesday, August 4th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Finally, Royal Bank Of Canada boosted their price objective on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Company 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.