Man Group plc Sells 69,499 Shares of Enbridge Inc $ENB

Man Group plc cut its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 23.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 226,440 shares of the pipeline company’s stock after selling 69,499 shares during the quarter. Man Group plc’s holdings in Enbridge were worth $12,275,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ENB. Empowered Funds LLC raised its stake in Enbridge by 24.2% in the 1st quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock worth $5,956,000 after purchasing an additional 21,442 shares in the last quarter. SCS Capital Management LLC bought a new position in shares of Enbridge during the second quarter worth approximately $9,204,000. RNC Capital Management LLC raised its position in shares of Enbridge by 1.6% in the fourth quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company’s stock valued at $69,196,000 after buying an additional 22,637 shares in the last quarter. Western Wealth Management LLC boosted its stake in shares of Enbridge by 346.8% in the first quarter. Western Wealth Management LLC now owns 36,190 shares of the pipeline company’s stock valued at $1,959,000 after buying an additional 28,091 shares during the period. Finally, Intact Investment Management Inc. boosted its stake in shares of Enbridge by 22.8% in the fourth quarter. Intact Investment Management Inc. now owns 987,976 shares of the pipeline company’s stock valued at $47,275,000 after buying an additional 183,163 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Down 0.8%

Shares of NYSE ENB opened at $49.97 on Friday. The company has a market cap of $109.13 billion, a price-to-earnings ratio of 26.72 and a beta of 0.58. 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 Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The stock has a 50-day moving average price of $53.73 and a two-hundred day moving average price of $54.03.

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

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s payout ratio is presently 147.06%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ENB. Royal Bank Of Canada lifted their price objective on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Wolfe Research set a $50.00 price target on Enbridge in a research report on Tuesday, August 4th. Canadian Imperial Bank of Commerce raised Enbridge from a “neutral” rating to an “outperform” rating in a research note on Thursday. TD Securities reaffirmed a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Finally, US Capital Advisors raised shares of Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Enbridge has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Enbridge News Roundup

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 (US$1.95 billion) of expansions to its Westcoast natural gas pipeline system in British Columbia. The Aspen Point and Sunrise projects are already sanctioned and supported by long-term contracts, while third-party capital reduces Enbridge’s upfront funding requirements and capital burden. Enbridge and KKR form Westcoast pipeline joint venture
• Positive Sentiment: Enbridge is acquiring Salt Creek Midstream’s crude gathering business in the Delaware Basin for US$600 million. The assets include about 500 miles of infrastructure, full ownership of the Orla and Wink North systems, and a 50% stake in Delaware Crossing. The deal expands Enbridge’s Permian footprint, strengthens its integrated crude export network, and is expected to add contracted earnings and cash flow after closing. Enbridge to buy Salt Creek Midstream crude assets
• Neutral Sentiment: Air monitoring following a gas leak during work on Enbridge’s Line 5 in Michigan’s Upper Peninsula found no hazardous gas levels. The incident appears contained, but investors may continue to monitor potential safety, regulatory, and operational consequences. Air monitoring after Enbridge Line 5 leak
• Negative Sentiment: The Salt Creek acquisition requires US$600 million in cash, adding near-term capital outlay to a company that already carries substantial debt. The expected benefits also depend on transaction closing, project execution, and continued activity in the Permian Basin.

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.