Royal Palms Capital LLC Buys New Holdings in Enbridge Inc $ENB

Royal Palms Capital LLC bought a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 66,703 shares of the pipeline company’s stock, valued at approximately $3,190,000. Enbridge makes up approximately 3.8% of Royal Palms Capital LLC’s investment portfolio, making the stock its 12th biggest position.

Other large investors have also modified their holdings of the company. Tsfg LLC raised its stake in shares of Enbridge by 329.6% in the third quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock valued at $25,000 after purchasing an additional 379 shares in the last quarter. Triumph Capital Management acquired a new position in shares of Enbridge in the third quarter valued at $26,000. Turning Point Benefit Group Inc. acquired a new position in shares of Enbridge in the third quarter valued at $28,000. Imprint Wealth LLC acquired a new position in shares of Enbridge in the third quarter valued at $31,000. Finally, Garner Asset Management Corp acquired a new position in shares of Enbridge in the fourth quarter valued at $30,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ENB has been the subject of several recent analyst reports. Citigroup reiterated a “buy” rating on shares of Enbridge in a research note on Thursday, February 19th. JPMorgan Chase & Co. lowered Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Finally, TD Securities lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Enbridge has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Performance

Enbridge stock opened at $57.00 on Wednesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The stock has a fifty day moving average price of $54.36 and a two-hundred day moving average price of $50.95. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45. The firm has a market capitalization of $124.47 billion, a P/E ratio of 26.76 and a beta of 0.59.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. During the same period in the prior year, the company posted $1.03 earnings per share. As a group, analysts anticipate that Enbridge Inc will post 2.18 EPS for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a $0.97 dividend. The ex-dividend date is Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.8%. Enbridge’s dividend payout ratio (DPR) is 133.80%.

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.