Morse Asset Management Inc continued to hold its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, Holdings Channel reports. The firm owned 6,287 shares of the pipeline company’s stock at the end of the second quarter. Morse Asset Management Inc’s holdings in Enbridge were worth $250,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ENB. Capital Asset Advisory Services LLC increased its position in Enbridge by 2.2% in the first quarter. Capital Asset Advisory Services LLC now owns 6,741 shares of the pipeline company’s stock valued at $282,000 after buying an additional 143 shares during the period. Bank of Montreal Can increased its position in Enbridge by 72.4% in the first quarter. Bank of Montreal Can now owns 38,965,561 shares of the pipeline company’s stock valued at $1,630,318,000 after buying an additional 16,369,985 shares during the period. Highland Capital Management LLC bought a new position in Enbridge during the first quarter valued at approximately $204,000. Home Federal Bank of Tennessee bought a new position in Enbridge during the first quarter valued at approximately $2,742,000. Finally, Mitchell Mcleod Pugh & Williams Inc. bought a new position in Enbridge during the first quarter valued at approximately $1,048,000. 63.83% of the stock is currently owned by institutional investors and hedge funds.
Shares of Enbridge Inc (ENB) opened at 40.61 on Thursday. The company’s 50-day moving average price is $40.60 and its 200 day moving average price is $41.01. The company has a market cap of $66.55 billion, a P/E ratio of 42.52 and a beta of 0.62. Enbridge Inc has a 52 week low of $37.37 and a 52 week high of $45.77.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. During the same quarter in the prior year, the company posted $0.50 EPS. Equities research analysts anticipate that Enbridge Inc will post $1.64 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.489 per share. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.82%. This is an increase from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s dividend payout ratio is currently 173.79%.
ENB has been the topic of several recent research reports. Morgan Stanley initiated coverage on Enbridge in a research note on Tuesday, May 2nd. They issued an “equal weight” rating and a $45.00 price objective on the stock. BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a research note on Monday, April 24th. Wolfe Research initiated coverage on Enbridge in a research note on Friday, May 12th. They issued a “market perform” rating and a $43.00 price objective on the stock. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $54.00.
Enbridge Company Profile
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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