Summit Financial Group Inc. Invests $314,000 in Enbridge Inc (NYSE:ENB)
Summit Financial Group Inc. purchased a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,894 shares of the pipeline company’s stock, valued at approximately $314,000.
Several other hedge funds and other institutional investors have also bought and sold shares of ENB. Goelzer Investment Management Inc. acquired a new position in Enbridge during the first quarter valued at $4,602,000. Meyer Handelman Co. acquired a new position in Enbridge during the first quarter valued at $7,364,000. M. Kraus & Co acquired a new position in Enbridge during the first quarter valued at $5,227,000. Tdam USA Inc. acquired a new position in Enbridge during the first quarter valued at $970,000. Finally, Tealwood Asset Management Inc. acquired a new position in Enbridge during the first quarter valued at $4,678,000. Hedge funds and other institutional investors own 63.83% of the company’s stock.
Shares of Enbridge Inc (NYSE ENB) opened at 40.83 on Wednesday. The stock has a market cap of $66.91 billion, a PE ratio of 42.75 and a beta of 0.62. Enbridge Inc has a 52-week low of $37.37 and a 52-week high of $45.77. The company’s 50-day moving average price is $40.38 and its 200-day moving average price is $41.07.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.05. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period in the prior year, the firm posted $0.50 EPS. On average, equities research analysts forecast that Enbridge Inc will post $1.64 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.489 per share. The ex-dividend date is Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.79%. This is a boost from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is currently 173.79%.
ENB has been the subject of several recent analyst reports. Wolfe Research initiated coverage on Enbridge in a research note on Friday, May 12th. They issued a “market perform” rating and a $43.00 price target for the company. Zacks Investment Research cut Enbridge from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Morgan Stanley assumed coverage on Enbridge in a research note on Tuesday, May 2nd. They issued an “equal weight” rating and a $45.00 price target for the company. Finally, BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $54.00.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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