Cidel Asset Management Inc. raised its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 16.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,331,797 shares of the pipeline company’s stock after buying an additional 331,048 shares during the period. Enbridge makes up approximately 3.8% of Cidel Asset Management Inc.’s holdings, making the stock its 6th largest holding. Cidel Asset Management Inc.’s holdings in Enbridge were worth $93,456,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the business. Isthmus Partners LLC bought a new position in shares of Enbridge in the second quarter worth $26,000. Corsicana & Co. bought a new position in Enbridge in the second quarter valued at about $29,000. Harbour Investments Inc. bought a new position in Enbridge in the first quarter valued at about $36,000. Moisand Fitzgerald Tamayo LLC bought a new position in Enbridge in the second quarter valued at about $41,000. Finally, Vigilant Capital Management LLC grew its position in Enbridge by 95.3% in the second quarter. Vigilant Capital Management LLC now owns 1,172 shares of the pipeline company’s stock valued at $47,000 after acquiring an additional 572 shares during the last quarter. Hedge funds and other institutional investors own 48.05% of the company’s stock.
A number of research firms have issued reports on ENB. Scotiabank lifted their target price on Enbridge from C$54.00 to C$55.00 and gave the company an “outperform” rating in a research report on Thursday, July 8th. Zacks Investment Research cut Enbridge from a “buy” rating to a “hold” rating and set a $42.00 target price on the stock. in a research report on Monday, June 14th. Tudor Pickering reissued a “buy” rating and set a C$52.00 price target on shares of Enbridge in a research note on Friday, June 11th. Barclays lowered Enbridge from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a research note on Tuesday, July 20th. Finally, TD Securities lifted their price target on Enbridge from C$54.00 to C$55.00 and gave the company a “buy” rating in a research note on Wednesday, September 8th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $52.08.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, July 29th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.11. Enbridge had a return on equity of 9.24% and a net margin of 14.99%. The business had revenue of $8.91 billion during the quarter, compared to the consensus estimate of $9 billion. During the same quarter in the prior year, the company posted $0.56 earnings per share. As a group, equities research analysts forecast that Enbridge Inc. will post 2.23 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 13th were issued a dividend of $0.6645 per share. The ex-dividend date was Thursday, August 12th. This represents a $2.66 annualized dividend and a yield of 6.61%. Enbridge’s dividend payout ratio (DPR) is currently 147.51%.
Enbridge, Inc engages in the provision of gas and oil businesses. It operates through the following segments: Liquid Pipelines, Gas Distribution & Storage, Gas Transmission & Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.
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