Bleakley Financial Group LLC Purchases 1,852 Shares of Enbridge Inc $ENB

Bleakley Financial Group LLC lifted its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.4% in the 2nd quarter, Holdings Channel reports. The fund owned 21,536 shares of the pipeline company’s stock after buying an additional 1,852 shares during the quarter. Bleakley Financial Group LLC’s holdings in Enbridge were worth $976,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Enbridge by 137.9% during the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock worth $1,458,128,000 after purchasing an additional 19,074,827 shares during the period. Nuveen LLC purchased a new stake in shares of Enbridge during the 1st quarter valued at approximately $208,490,000. Canada Pension Plan Investment Board boosted its holdings in Enbridge by 39.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company’s stock worth $421,675,000 after buying an additional 2,707,068 shares during the period. Maple Brown Abbott Ltd purchased a new position in Enbridge in the 1st quarter valued at approximately $77,976,000. Finally, JPMorgan Chase & Co. raised its holdings in Enbridge by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock valued at $781,792,000 after acquiring an additional 1,680,116 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

Shares of ENB opened at $46.90 on Friday. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The company has a market cap of $102.27 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 4.32 and a beta of 0.78. The stock has a 50-day moving average price of $48.44 and a 200-day moving average price of $46.53.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The company had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $10.56 billion. During the same period in the prior year, the business earned $0.58 earnings per share. As a group, equities analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a dividend of $0.6839 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.8%. This is an increase from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s payout ratio is presently 134.98%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. CIBC lowered Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Zacks Research downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a report on Wednesday, July 23rd. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.50.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.