Perigon Wealth Management LLC Acquires New Position in Enbridge Inc $ENB

Perigon Wealth Management LLC bought a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, Holdings Channel reports. The institutional investor bought 10,512 shares of the pipeline company’s stock, valued at approximately $570,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in Enbridge during the 4th quarter worth $1,195,559,000. Auto Owners Insurance Co lifted its position in Enbridge by 4,683.0% in the 4th quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock valued at $40,975,000 after purchasing an additional 8,387,721 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Enbridge during the 2nd quarter valued at about $412,627,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Enbridge by 787.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,196,000 shares of the pipeline company’s stock worth $173,189,000 after purchasing an additional 2,836,000 shares during the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of Enbridge in the fourth quarter valued at approximately $132,705,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of recent analyst reports. Wolfe Research set a $50.00 price objective on Enbridge in a report on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. TD Securities reiterated a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Raymond James Financial downgraded shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report on Friday, July 31st. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $67.00.

Enbridge Stock Down 2.2%

ENB opened at $50.28 on Thursday. Enbridge Inc has a one year low of $45.03 and a one year 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 stock’s fifty day moving average is $54.36 and its 200-day moving average is $54.00. The company has a market capitalization of $109.81 billion, a PE ratio of 26.89 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion during 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 posted $0.65 earnings per share. On average, equities analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s dividend payout ratio is presently 147.06%.

Enbridge Company 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.