Kingsview Wealth Management LLC Buys New Position in Enbridge Inc $ENB

Kingsview Wealth Management LLC acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 149,699 shares of the pipeline company’s stock, valued at approximately $8,115,000.

Other institutional investors have also bought and sold shares of the company. Beacon Pointe Advisors LLC acquired a new stake in Enbridge during the 2nd quarter worth about $19,208,000. Kimelman & Baird LLC acquired a new position in shares of Enbridge in the 2nd quarter valued at about $229,000. Glenview Trust Co bought a new stake in shares of Enbridge during the 2nd quarter valued at about $2,333,000. North Star Asset Management Inc. bought a new stake in shares of Enbridge during the 2nd quarter valued at about $404,000. Finally, Comprehensive Money Management Services LLC acquired a new stake in Enbridge during the second quarter worth approximately $685,000. Institutional investors own 54.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Raymond James Financial lowered Enbridge from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. TD Securities reiterated a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, August 19th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Trending Headlines about Enbridge

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream’s crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Enbridge Trading Up 0.5%

Shares of Enbridge stock opened at $50.17 on Friday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The stock has a 50 day moving average price of $53.64 and a two-hundred day moving average price of $54.00. The stock has a market capitalization of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The company had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the firm earned $0.65 earnings per share. As a group, equities analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

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 paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge’s payout ratio is 147.06%.

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.