Opal Capital LLC Sells 71,512 Shares of Enbridge Inc $ENB

Opal Capital LLC lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 34.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 137,405 shares of the pipeline company’s stock after selling 71,512 shares during the period. Enbridge comprises about 1.3% of Opal Capital LLC’s investment portfolio, making the stock its 20th largest position. Opal Capital LLC’s holdings in Enbridge were worth $7,439,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Amundi increased its position in Enbridge by 5.7% during the 1st quarter. Amundi now owns 11,012,062 shares of the pipeline company’s stock valued at $596,193,000 after purchasing an additional 598,127 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Enbridge by 18.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 16,372 shares of the pipeline company’s stock worth $886,000 after purchasing an additional 2,536 shares during the period. Recurrent Investment Advisors LLC boosted its stake in shares of Enbridge by 0.5% in the 1st quarter. Recurrent Investment Advisors LLC now owns 465,619 shares of the pipeline company’s stock valued at $25,208,000 after purchasing an additional 2,400 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Enbridge by 24.2% in the 1st quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock valued at $5,956,000 after purchasing an additional 21,442 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Enbridge by 9.7% during the first quarter. Quantinno Capital Management LP now owns 274,318 shares of the pipeline company’s stock worth $14,849,000 after buying an additional 24,224 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $55.31 on Wednesday. The company has a fifty day moving average of $55.68 and a 200-day moving average of $53.43. The firm has a market capitalization of $120.79 billion, a P/E ratio of 25.97 and a beta of 0.58. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a twelve month low of $44.58 and a twelve month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period in the prior year, the firm earned $1.03 earnings per share. As a group, sell-side analysts anticipate that Enbridge Inc will post 2.13 EPS for the current year.

Enbridge Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.97 per share. The ex-dividend date is Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 7.0%. Enbridge’s dividend payout ratio is currently 133.80%.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of analyst reports. Royal Bank Of Canada lifted their target price on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. TD Securities reaffirmed a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

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.