HBK Sorce Advisory LLC Takes $699,000 Position in Enbridge Inc $ENB

HBK Sorce Advisory LLC bought a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 13,450 shares of the pipeline company’s stock, valued at approximately $699,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Arlington Trust Co LLC grew its position in Enbridge by 114.6% during the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after buying an additional 267 shares during the period. Triumph Capital Management acquired a new position in shares of Enbridge in the third quarter worth about $26,000. Turning Point Benefit Group Inc. acquired a new position in shares of Enbridge in the third quarter worth about $28,000. Inspire Investing LLC purchased a new stake in shares of Enbridge during the 4th quarter worth about $29,000. Finally, Imprint Wealth LLC purchased a new stake in shares of Enbridge during the 3rd quarter worth about $31,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.5%

Shares of NYSE ENB opened at $50.63 on Tuesday. The firm has a market cap of $110.58 billion, a price-to-earnings ratio of 27.07 and a beta of 0.58. The company’s 50-day simple moving average is $54.57 and its 200-day simple moving average is $53.97. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45.

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

Enbridge Announces Dividend

The company also recently announced 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 is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is 147.06%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ENB. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Raymond James Financial lowered Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Scotiabank restated an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and a consensus target price of $67.00.

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.