Cullen Capital Management LLC grew its stake in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 2.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,145,111 shares of the pipeline company’s stock after purchasing an additional 22,334 shares during the quarter. Cullen Capital Management LLC owned about 0.05% of Enbridge worth $62,076,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Triumph Capital Management bought a new position in Enbridge in the third quarter worth about $26,000. Arlington Trust Co LLC boosted its position in 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 acquiring an additional 267 shares in the last quarter. Turning Point Benefit Group Inc. purchased a new position in shares of Enbridge during the 3rd quarter worth approximately $28,000. Inspire Investing LLC purchased a new position in shares of Enbridge during the 4th quarter worth approximately $29,000. Finally, Garner Asset Management Corp bought a new position in shares of Enbridge in the 4th quarter worth approximately $30,000. 54.60% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on ENB. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. Wolfe Research set a $50.00 price objective on Enbridge in a report on Tuesday, August 4th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, August 19th. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.00.
Enbridge Price Performance
ENB stock opened at $50.08 on Tuesday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The firm has a 50 day moving average price of $54.02 and a 200-day moving average price of $54.04. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The firm has a market capitalization of $109.37 billion, a price-to-earnings ratio of 26.78 and a beta of 0.58.
Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last posted its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The company had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the company earned $0.65 EPS. Equities research analysts forecast that Enbridge Inc will post 2.11 EPS for the current fiscal year.
Enbridge Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s payout ratio is currently 147.06%.
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.
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