Enbridge Inc (ENB) Shares Bought by Highstreet Asset Management Inc.
Highstreet Asset Management Inc. boosted its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 392.5% during the second quarter, Holdings Channel reports. The institutional investor owned 1,324,767 shares of the pipeline company’s stock after buying an additional 1,055,794 shares during the period. Enbridge accounts for about 5.7% of Highstreet Asset Management Inc.’s portfolio, making the stock its 3rd largest position. Highstreet Asset Management Inc.’s holdings in Enbridge were worth $52,803,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of ENB. First Personal Financial Services purchased a new position in Enbridge during the first quarter worth $102,000. Financial Architects Inc raised its position in Enbridge by 2,987.7% in the first quarter. Financial Architects Inc now owns 2,501 shares of the pipeline company’s stock worth $105,000 after buying an additional 2,420 shares in the last quarter. Monroe Bank & Trust MI purchased a new position in Enbridge during the first quarter worth $105,000. Kistler Tiffany Companies LLC purchased a new position in Enbridge during the first quarter worth $109,000. Finally, NEXT Financial Group Inc raised its position in Enbridge by 17.7% in the second quarter. NEXT Financial Group Inc now owns 2,731 shares of the pipeline company’s stock worth $109,000 after buying an additional 411 shares in the last quarter. 63.37% of the stock is owned by institutional investors and hedge funds.
Enbridge Inc (ENB) opened at 39.17 on Thursday. Enbridge Inc has a 12 month low of $37.37 and a 12 month high of $45.77. The firm has a market cap of $64.47 billion, a price-to-earnings ratio of 31.72 and a beta of 0.62. The company’s 50-day moving average is $40.64 and its 200 day moving average is $40.86.
Enbridge (NYSE:ENB) (TSE:ENB) last released 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 net margin of 5.28% and a return on equity of 6.04%. The firm had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the business earned $0.50 EPS. On average, equities research analysts predict that Enbridge Inc will post $1.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be given a dividend of $0.489 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.99%. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is 190.29%.
A number of equities analysts have recently weighed in on ENB shares. Morgan Stanley reissued an “equal weight” rating and issued a $44.00 price objective (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Wolfe Research started coverage on shares of Enbridge in a research report on Friday, May 12th. They issued a “market perform” rating and a $43.00 price objective for the company. J P Morgan Chase & Co reissued a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Zacks Investment Research lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, BidaskClub raised shares of Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $54.00.
Enbridge Company Profile
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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