Purpose Unlimited Inc. Takes $60.74 Million Position in Enbridge Inc $ENB

Purpose Unlimited Inc. acquired a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,269,289 shares of the pipeline company’s stock, valued at approximately $60,738,000. Enbridge accounts for approximately 2.8% of Purpose Unlimited Inc.’s investment portfolio, making the stock its 8th biggest holding. Purpose Unlimited Inc. owned about 0.06% of Enbridge at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Trajan Wealth LLC boosted its stake in Enbridge by 15.3% during the 3rd quarter. Trajan Wealth LLC now owns 804,261 shares of the pipeline company’s stock valued at $40,583,000 after purchasing an additional 106,784 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Enbridge by 3.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company’s stock valued at $53,652,000 after purchasing an additional 41,601 shares during the period. Viking Fund Management LLC raised its stake in shares of Enbridge by 35.2% in the 4th quarter. Viking Fund Management LLC now owns 236,000 shares of the pipeline company’s stock worth $11,288,000 after buying an additional 61,500 shares in the last quarter. Third View Private Wealth LLC bought a new stake in shares of Enbridge in the 4th quarter worth $3,691,000. Finally, Swiss Life Asset Management Ltd raised its stake in shares of Enbridge by 19.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 276,434 shares of the pipeline company’s stock worth $13,966,000 after buying an additional 44,524 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of NYSE:ENB opened at $54.53 on Friday. The company’s fifty day moving average is $54.92 and its two-hundred day moving average is $51.89. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12-month low of $43.59 and a 12-month high of $58.45. The company has a market cap of $119.08 billion, a P/E ratio of 25.60 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter last year, the firm posted $1.03 earnings per share. Equities analysts expect that Enbridge Inc will post 2.18 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 7.1%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s payout ratio is 133.80%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Finally, Royal Bank Of Canada raised their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Enbridge has an average rating of “Moderate Buy” and an average price target of $66.50.

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.