Infrastructure Capital Advisors LLC bought a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 40,891 shares of the pipeline company’s stock, valued at approximately $1,637,000. Enbridge comprises about 0.3% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 27th biggest holding.
Several other hedge funds have also recently modified their holdings of ENB. BlackRock Inc. increased its holdings in shares of Enbridge by 125.2% in the first quarter. BlackRock Inc. now owns 989,031 shares of the pipeline company’s stock worth $36,001,000 after purchasing an additional 549,870 shares during the last quarter. Brinker Capital Investments LLC purchased a new position in Enbridge in the first quarter worth about $1,455,000. Bluestein R H & Co. purchased a new position in Enbridge in the first quarter worth about $371,000. Prudential Financial Inc. grew its position in Enbridge by 37.3% in the first quarter. Prudential Financial Inc. now owns 14,958 shares of the pipeline company’s stock worth $544,000 after acquiring an additional 4,062 shares in the last quarter. Finally, TCTC Holdings LLC grew its position in Enbridge by 25.8% in the first quarter. TCTC Holdings LLC now owns 6,570 shares of the pipeline company’s stock worth $240,000 after acquiring an additional 1,348 shares in the last quarter. 48.05% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE ENB traded up $0.57 during trading hours on Thursday, reaching $42.68. The stock had a trading volume of 121,942 shares, compared to its average volume of 4,225,542. The company has a current ratio of 0.60, a quick ratio of 0.49 and a debt-to-equity ratio of 1.10. The firm has a market cap of $86.46 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 2.98 and a beta of 0.86. The business’s fifty day moving average price is $39.75 and its two-hundred day moving average price is $39.14. Enbridge Inc. has a 52-week low of $26.97 and a 52-week high of $42.11.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 13th were issued a $0.6645 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 6.23%. Enbridge’s payout ratio is 147.51%.
ENB has been the subject of several recent research reports. Credit Suisse Group upgraded Enbridge from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $52.00 to $55.00 in a research report on Thursday, June 17th. The Goldman Sachs Group lifted their price target on Enbridge from C$41.00 to C$43.00 and gave the stock a “neutral” rating in a research report on Monday, September 13th. Barclays lowered Enbridge from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a research report on Tuesday, July 20th. TD Securities lifted their price target on Enbridge from C$54.00 to C$55.00 and gave the stock a “buy” rating in a research report on Wednesday, September 8th. Finally, Scotiabank boosted their target price on Enbridge from C$54.00 to C$55.00 and gave the company an “outperform” rating in a research report on Thursday, July 8th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Enbridge presently has an average rating of “Buy” and a consensus target price of $52.46.
Enbridge, Inc engages in the provision of gas and oil businesses. It operates through the following segments: Liquid Pipelines, Gas Distribution & Storage, Gas Transmission & Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.
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