Envestnet Portfolio Solutions Inc. Increases Stake in Enbridge Inc $ENB

Envestnet Portfolio Solutions Inc. lifted its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,380 shares of the pipeline company’s stock after purchasing an additional 852 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Enbridge were worth $6,628,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ENB. Dagco Inc. acquired a new position in Enbridge in the 1st quarter worth approximately $25,000. Garde Capital Inc. acquired a new position in Enbridge in the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. acquired a new position in Enbridge in the 1st quarter worth approximately $28,000. Accent Capital Management LLC acquired a new position in Enbridge in the 1st quarter worth approximately $30,000. Finally, Wolff Wiese Magana LLC increased its holdings in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company’s stock worth $34,000 after buying an additional 365 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Enbridge stock opened at $47.58 on Wednesday. The company’s fifty day moving average price is $48.45 and its 200 day moving average price is $46.31. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $50.54. The stock has a market capitalization of $103.76 billion, a P/E ratio of 23.44, a P/E/G ratio of 4.38 and a beta of 0.78. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The firm had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $10.56 billion. During the same quarter last year, the company earned $0.58 EPS. As a group, equities research analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a yield of 5.7%. This is an increase from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s dividend payout ratio is 134.98%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Argus increased their price target on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Cibc World Mkts cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, October 8th. Zacks Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Finally, CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $60.50.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.