Balboa Wealth Partners Acquires New Holdings in Enbridge Inc $ENB

Balboa Wealth Partners acquired a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, HoldingsChannel reports. The fund acquired 9,287 shares of the pipeline company’s stock, valued at approximately $421,000.

Other institutional investors have also added to or reduced their stakes in the company. Dagco Inc. bought a new position in Enbridge in the first quarter worth approximately $25,000. Garde Capital Inc. bought a new stake in shares of Enbridge during the 1st quarter valued at $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Enbridge during the 1st quarter valued at $28,000. Accent Capital Management LLC bought a new stake in shares of Enbridge during the 1st quarter valued at $30,000. Finally, Private Wealth Asset Management LLC raised its position in shares of Enbridge by 289.7% during the 2nd quarter. Private Wealth Asset Management LLC now owns 834 shares of the pipeline company’s stock valued at $38,000 after purchasing an additional 620 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on ENB shares. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. National Bankshares restated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday. 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 World Mkts cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $60.50.

Enbridge Stock Performance

Shares of NYSE:ENB opened at $47.22 on Tuesday. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.54. The stock has a market capitalization of $102.97 billion, a P/E ratio of 23.26, a PEG ratio of 4.32 and a beta of 0.78. The firm has a fifty day simple moving average of $48.46 and a two-hundred day simple moving average of $46.40. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The firm had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter last year, the business earned $0.58 EPS. On average, analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a $0.6839 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. Enbridge’s dividend payout ratio (DPR) is 134.98%.

Enbridge Company Profile

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.