Cullen Capital Management LLC Grows Stock Holdings in Enbridge Inc $ENB

Cullen Capital Management LLC boosted its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 1,145,111 shares of the pipeline company’s stock after purchasing an additional 22,334 shares during the quarter. Cullen Capital Management LLC’s holdings in Enbridge were worth $62,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ENB. Triumph Capital Management bought a new stake in Enbridge in the 3rd quarter worth approximately $26,000. Arlington Trust Co LLC lifted its holdings in shares of Enbridge by 114.6% during the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after buying an additional 267 shares during the period. Turning Point Benefit Group Inc. bought a new position in shares of Enbridge during the 3rd quarter valued at $28,000. Inspire Investing LLC purchased a new position in shares of Enbridge in the 4th quarter worth $29,000. Finally, Garner Asset Management Corp purchased a new position in shares of Enbridge in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, August 19th. Royal Bank Of Canada raised their target price on Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. TD Securities restated a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a research report on Monday, August 3rd. Finally, Wolfe Research set a $50.00 price objective on shares of Enbridge in a research note on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and an average price target of $67.00.

Enbridge Stock Performance

NYSE:ENB opened at $50.08 on Tuesday. The stock has a 50-day simple moving average of $54.02 and a two-hundred day simple moving average of $54.04. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The firm has a market capitalization of $109.37 billion, a PE ratio of 26.78 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 for the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter last year, the company earned $0.65 earnings per share. Analysts forecast that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Dividend Announcement

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 issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.7%. Enbridge’s payout ratio is currently 147.06%.

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.