Cardinal Capital Management Inc. Acquires 212,547 Shares of Enbridge Inc. (NYSE:ENB)

Cardinal Capital Management Inc. increased its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 8.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,642,033 shares of the pipeline company’s stock after acquiring an additional 212,547 shares during the quarter. Enbridge makes up about 4.9% of Cardinal Capital Management Inc.’s holdings, making the stock its 9th biggest position. Cardinal Capital Management Inc.’s holdings in Enbridge were worth $98,272,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Coppell Advisory Solutions Corp. acquired a new position in shares of Enbridge in the 4th quarter valued at $25,000. Industrial Alliance Investment Management Inc. purchased a new position in Enbridge in the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL purchased a new position in Enbridge in the 1st quarter valued at $27,000. MBM Wealth Consultants LLC purchased a new position in Enbridge in the 4th quarter valued at $39,000. Finally, Antonetti Capital Management LLC grew its position in Enbridge by 58.2% in the 1st quarter. Antonetti Capital Management LLC now owns 1,087 shares of the pipeline company’s stock valued at $41,000 after buying an additional 400 shares during the last quarter. 48.29% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ENB has been the topic of a number of analyst reports. TD Securities lowered their price objective on shares of Enbridge from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, August 8th. CIBC boosted their target price on shares of Enbridge from $63.00 to $64.00 and gave the stock an “outperformer” rating in a research report on Monday, September 11th. Wells Fargo & Company lowered shares of Enbridge from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, September 6th. National Bank Financial started coverage on shares of Enbridge in a research report on Monday, September 11th. They set a “sector perform” rating on the stock. Finally, BMO Capital Markets started coverage on shares of Enbridge in a research report on Friday, September 8th. They set a “market perform” rating on the stock. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $58.57.

Enbridge Price Performance

Shares of Enbridge stock traded down $0.23 on Friday, hitting $35.09. The company’s stock had a trading volume of 7,581,064 shares, compared to its average volume of 4,062,080. Enbridge Inc. has a 52-week low of $32.90 and a 52-week high of $42.12. The company has a quick ratio of 0.55, a current ratio of 0.64 and a debt-to-equity ratio of 1.27. The firm has a fifty day moving average price of $35.68 and a 200-day moving average price of $37.14. The company has a market capitalization of $74.59 billion, a P/E ratio of 25.07, a price-to-earnings-growth ratio of 2.71 and a beta of 0.85.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.51 EPS for the quarter, hitting the consensus estimate of $0.51. Enbridge had a net margin of 8.58% and a return on equity of 10.20%. The business had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.49 billion. On average, equities research analysts expect that Enbridge Inc. will post 2.11 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a $0.67 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Monday, August 14th. This represents a $2.68 annualized dividend and a yield of 7.64%. Enbridge’s payout ratio is presently 187.86%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.