Enbridge Inc $ENB Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,045,461 shares of the pipeline company’s stock after buying an additional 14,315 shares during the period. Van ECK Associates Corp’s holdings in Enbridge were worth $56,674,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ENB. Arlington Trust Co LLC raised its position 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. Triumph Capital Management purchased a new position in Enbridge in the third quarter worth approximately $26,000. Turning Point Benefit Group Inc. acquired a new stake in Enbridge during the third quarter worth $28,000. Inspire Investing LLC acquired a new stake in Enbridge during the fourth quarter worth $29,000. Finally, Imprint Wealth LLC acquired a new stake in Enbridge during the third quarter worth $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Key Stories Impacting Enbridge

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 in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream’s crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Enbridge Stock Up 0.5%

Shares of NYSE ENB opened at $50.17 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The business’s 50 day moving average is $53.64 and its two-hundred day moving average is $54.00. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The firm has a market cap of $109.57 billion, a price-to-earnings ratio of 26.83 and a beta of 0.58.

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

Enbridge Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.97 dividend. 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 dividend payout ratio (DPR) is 147.06%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on ENB shares. US Capital Advisors raised Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Wolfe Research set a $50.00 price objective on Enbridge in a research report on Tuesday, August 4th. Scotiabank restated an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, August 19th. Finally, Canadian Imperial Bank of Commerce raised shares of Enbridge from a “neutral” rating to a “sector outperform” rating in a research note on Thursday. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.