Davis Investment Partners LLC Acquires Shares of 14,072 Enbridge Inc $ENB

Davis Investment Partners LLC acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,072 shares of the pipeline company’s stock, valued at approximately $762,000.

Several other institutional investors and hedge funds also recently modified their holdings of ENB. Norges Bank acquired a new stake in shares of Enbridge in the fourth quarter valued at about $1,195,559,000. Auto Owners Insurance Co lifted its position in Enbridge by 4,683.0% during the 4th quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after acquiring an additional 8,387,721 shares in the last quarter. Bank of Nova Scotia boosted its holdings in Enbridge by 118.0% in the 3rd quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after acquiring an additional 5,157,030 shares during the period. Alberta Investment Management Corp purchased a new position in Enbridge in the 4th quarter worth approximately $132,705,000. Finally, Vanguard Group Inc. grew its position in Enbridge by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Enbridge stock opened at $55.33 on Thursday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. Enbridge Inc has a 12 month low of $43.59 and a 12 month high of $58.45. The company has a fifty day moving average price of $54.99 and a two-hundred day moving average price of $52.07. The company has a market cap of $120.81 billion, a PE ratio of 25.97 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same period in the prior year, the company earned $1.03 earnings per share. Research analysts expect that Enbridge Inc will post 2.18 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s dividend payout ratio is currently 133.80%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ENB. Royal Bank Of Canada lifted their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Scotiabank restated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Finally, Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Enbridge currently has a consensus rating of “Moderate Buy” and a consensus 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.