Hennessy Advisors Inc. Has $24.64 Million Holdings in Enbridge Inc $ENB

Hennessy Advisors Inc. trimmed its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 454,565 shares of the pipeline company’s stock after selling 37,900 shares during the period. Hennessy Advisors Inc.’s holdings in Enbridge were worth $24,642,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Deutsche Bank AG bought a new stake in shares of Enbridge during the 2nd quarter valued at $1,850,502,000. Norges Bank bought a new position in shares of Enbridge in the fourth quarter worth $1,195,559,000. Geode Capital Management LLC increased its position in shares of Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock worth $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in Enbridge by 18.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock valued at $1,117,353,000 after purchasing an additional 3,205,322 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after purchasing an additional 858,323 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

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 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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Raymond James Financial downgraded shares of Enbridge from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Royal Bank Of Canada upped their price target on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. TD Securities reissued a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. Finally, Canadian Imperial Bank of Commerce upgraded Enbridge from a “neutral” rating to a “sector outperform” rating in a research note on Thursday. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge has an average rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Stock Performance

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

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

Enbridge Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. Enbridge’s dividend payout ratio (DPR) is presently 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.