Wellington Management Group LLP Invests $54.74 Million in Enbridge Inc $ENB

Wellington Management Group LLP purchased a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, HoldingsChannel reports. The fund purchased 1,009,803 shares of the pipeline company’s stock, valued at approximately $54,741,000.

Other hedge funds have also recently bought and sold shares of the company. Deutsche Bank AG acquired a new position in Enbridge during the second quarter worth $1,850,502,000. Norges Bank acquired a new stake in Enbridge in the fourth quarter valued at $1,195,559,000. Ontario Teachers Pension Plan Board acquired a new stake in Enbridge in the second quarter valued at $467,782,000. Auto Owners Insurance Co increased its position in shares of Enbridge by 4,683.0% in the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock valued at $40,975,000 after buying an additional 8,387,721 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Enbridge in the second quarter valued at $412,627,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on ENB. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Raymond James Financial cut shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report 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 company an “outperform” rating in a report on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a “neutral” rating to a “sector outperform” rating in a research report on Thursday, August 27th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Trading Up 0.5%

Shares of Enbridge stock opened at $50.54 on Friday. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45. The business’s fifty day moving average is $53.24 and its two-hundred day moving average is $53.98. 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 firm has a market cap of $110.38 billion, a PE ratio of 27.03, a P/E/G ratio of 5.97 and a beta of 0.57.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data 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 business had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the business earned $0.65 earnings per share. Analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend was Friday, August 14th. 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.