Bank of New York Mellon Corp Buys 319,575 Shares of Enbridge Inc $ENB

Bank of New York Mellon Corp boosted its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.9% during the first quarter, Holdings Channel.com reports. The firm owned 6,782,732 shares of the pipeline company’s stock after buying an additional 319,575 shares during the period. Bank of New York Mellon Corp’s holdings in Enbridge were worth $367,217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Triumph Capital Management bought a new position in shares of Enbridge in the third quarter worth approximately $26,000. Turning Point Benefit Group Inc. bought a new position in shares of Enbridge during the third quarter valued at about $28,000. Inspire Investing LLC purchased a new stake in shares of Enbridge during the fourth quarter worth about $29,000. Garner Asset Management Corp purchased a new stake in shares of Enbridge during the fourth quarter worth about $30,000. Finally, Imprint Wealth LLC bought a new stake in shares of Enbridge in the third quarter worth about $31,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 0.4%

Shares of NYSE:ENB opened at $56.68 on Friday. The firm has a market capitalization of $123.79 billion, a P/E ratio of 26.61 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The stock has a 50 day moving average price of $55.64 and a 200-day moving average price of $52.96. Enbridge Inc has a 52-week low of $44.53 and a 52-week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. The company had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period in the previous year, the company posted $1.03 earnings per share. As a group, equities research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 6.8%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. TD Securities reissued a “hold” rating on shares of Enbridge in a research note on Thursday. Royal Bank Of Canada upped their target price on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Scotiabank reiterated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Profile

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.