Kayne Anderson Capital Advisors LP Sells 1,066,780 Shares of Enbridge Inc $ENB

Kayne Anderson Capital Advisors LP lowered its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 17.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,029,159 shares of the pipeline company’s stock after selling 1,066,780 shares during the period. Enbridge accounts for approximately 5.3% of Kayne Anderson Capital Advisors LP’s investment portfolio, making the stock its 8th biggest holding. Kayne Anderson Capital Advisors LP’s holdings in Enbridge were worth $272,631,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Retirement Planning Group LLC grew its holdings in Enbridge by 3.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock valued at $290,000 after buying an additional 187 shares in the last quarter. Bank & Trust Co increased its position in Enbridge by 0.6% during the 2nd quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock worth $1,804,000 after buying an additional 193 shares during the period. Cornerstone Wealth Management LLC lifted its holdings in shares of Enbridge by 0.6% during the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock worth $1,710,000 after buying an additional 194 shares in the last quarter. PFG Investments LLC lifted its holdings in shares of Enbridge by 0.9% during the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock worth $1,202,000 after buying an additional 202 shares in the last quarter. Finally, MIdWestOne Financial Group Inc. boosted its position in shares of Enbridge by 4.3% in the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock valued at $235,000 after acquiring an additional 203 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Performance

ENB opened at $51.07 on Friday. The firm has a market cap of $111.54 billion, a P/E ratio of 27.31 and a beta of 0.58. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The business’s fifty day moving average is $54.26 and its 200-day moving average is $54.02.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter last year, the business earned $0.65 earnings per share. Sell-side analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is currently 147.06%.

Wall Street Analyst Weigh In

ENB has been the topic of several research reports. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. Royal Bank Of Canada increased their target price on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, Wolfe Research set a $50.00 target price on shares of Enbridge in a report on Tuesday, August 4th. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Enbridge has a consensus rating of “Hold” and an average price target of $67.00.

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.