Davis Investment Partners LLC Invests $762,000 in Enbridge Inc $ENB

Davis Investment Partners LLC acquired a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,072 shares of the pipeline company’s stock, valued at approximately $762,000.

Several other institutional investors and hedge funds have also modified their holdings of ENB. Triumph Capital Management purchased a new stake in Enbridge in the 3rd quarter worth approximately $26,000. Turning Point Benefit Group Inc. acquired a new position in Enbridge in the 3rd quarter valued at $28,000. Inspire Investing LLC purchased a new position in shares of Enbridge during the 4th quarter worth $29,000. Imprint Wealth LLC purchased a new position in shares of Enbridge during the 3rd quarter worth $31,000. Finally, Garner Asset Management Corp purchased a new position in shares of Enbridge during the 4th quarter worth $30,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Down 0.7%

ENB opened at $55.33 on Thursday. Enbridge Inc has a 1 year low of $43.59 and a 1 year high of $58.45. The firm has a 50 day moving average price of $54.99 and a 200 day moving average price of $52.07. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The company has a market cap of $120.81 billion, a PE ratio of 25.97 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The firm had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same period in the previous year, the company posted $1.03 earnings per share. Sell-side analysts expect that Enbridge Inc will post 2.18 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ENB shares. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Royal Bank Of Canada raised their price target on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average 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.