Independent Financial Group LLC Acquires New Position in Enbridge Inc $ENB

Independent Financial Group LLC acquired a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 17,325 shares of the pipeline company’s stock, valued at approximately $937,000.

A number of other institutional investors have also recently bought and sold shares of the business. Triumph Capital Management acquired a new position in shares of Enbridge in the 3rd quarter valued at $26,000. Turning Point Benefit Group Inc. acquired a new stake in shares of Enbridge during the third quarter worth $28,000. Inspire Investing LLC acquired a new stake in shares of Enbridge during the fourth quarter worth $29,000. Garner Asset Management Corp bought a new stake in Enbridge in the fourth quarter valued at about $30,000. Finally, Imprint Wealth LLC bought a new stake in Enbridge in the third quarter valued at about $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analysts Set New Price Targets

ENB has been the topic of several analyst reports. TD Securities reissued a “hold” rating on shares of Enbridge in a research note on Thursday. Scotiabank restated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Royal Bank Of Canada increased their price target on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.50.

Enbridge Trading Down 1.7%

NYSE:ENB opened at $55.73 on Tuesday. 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 business’s 50-day simple moving average is $55.66 and its 200-day simple moving average is $53.05. Enbridge Inc has a fifty-two week low of $44.53 and a fifty-two week high of $58.45. The stock has a market capitalization of $121.71 billion, a PE ratio of 26.16 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period in the prior year, the business earned $1.03 EPS. Sell-side analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 7.0%. Enbridge’s dividend payout ratio is currently 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.