Maridea Wealth Management LLC Buys Shares of 16,912 Enbridge Inc $ENB

Maridea Wealth Management LLC purchased a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 16,912 shares of the pipeline company’s stock, valued at approximately $917,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bridgewater Advisors Inc. bought a new position in Enbridge in the 2nd quarter valued at approximately $303,000. BIP Wealth LLC bought a new stake in Enbridge during the 2nd quarter worth approximately $334,000. Everett Harris & Co. CA acquired a new position in Enbridge in the 2nd quarter valued at approximately $1,958,000. Oppenheimer Asset Management Inc. acquired a new position in Enbridge in the 2nd quarter valued at approximately $32,404,000. Finally, Mill Capital Management LLC bought a new position in shares of Enbridge during the second quarter valued at $368,000. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ENB. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Finally, TD Securities reaffirmed a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.00.

Enbridge Stock Performance

ENB stock opened at $50.89 on Friday. The firm has a market cap of $111.15 billion, a PE ratio of 27.22 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The stock has a 50-day moving average price of $54.67 and a 200-day moving average price of $53.91. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, equities research analysts expect 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 will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.6%. Enbridge’s payout ratio is 147.06%.

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.