SCS Capital Management LLC Buys New Shares in Enbridge Inc $ENB

SCS Capital Management LLC bought a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 169,772 shares of the pipeline company’s stock, valued at approximately $9,204,000.

Other hedge funds have also recently bought and sold shares of the company. Silverlake Wealth Management LLC acquired a new stake in shares of Enbridge in the 2nd quarter valued at approximately $911,000. Bank of New York Mellon Corp bought a new stake in Enbridge during the second quarter worth $412,627,000. Private Advisory Group LLC acquired a new stake in Enbridge in the second quarter valued at $6,217,000. Focus Partners Advisor Solutions LLC bought a new position in shares of Enbridge in the 2nd quarter valued at about $874,000. Finally, State of Wyoming acquired a new position in shares of Enbridge during the 2nd quarter worth about $366,000. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ENB has been the topic of a number of research analyst reports. TD Securities reaffirmed a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Wolfe Research set a $50.00 price objective on Enbridge in a research note on Tuesday, August 4th. Finally, Royal Bank Of Canada raised their price objective on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. 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, Enbridge currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Enbridge Stock Performance

NYSE ENB opened at $50.89 on Monday. The firm has a 50-day moving average price of $54.67 and a two-hundred day moving average price of $53.95. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The company has a market capitalization of $111.15 billion, a P/E ratio of 27.22 and a beta of 0.58. 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 (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The company had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same period last year, the firm earned $0.65 earnings per share. Analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.6%. Enbridge’s dividend payout ratio is currently 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.