Enbridge (NYSE:ENB) Trading Up 0.3% After Dividend Announcement

Shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) were up 0.3% during trading on Monday following a dividend announcement from the company. The stock traded as high as $46.42 and last traded at $46.35. Approximately 570,911 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 4,244,980 shares. The stock had previously closed at $46.19.

The newly announced dividend which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be given a $0.679 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 5.87%. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, May 15th. Enbridge’s dividend payout ratio is presently 157.56%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ENB. Raymond James upgraded shares of Enbridge to a “moderate buy” rating in a research note on Wednesday, April 23rd. CIBC reissued an “outperform” rating on shares of Enbridge in a research report on Wednesday, March 5th. TD Securities began coverage on shares of Enbridge in a research note on Wednesday, January 15th. They issued a “buy” rating on the stock. Royal Bank of Canada lifted their price target on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Finally, Citigroup started coverage on Enbridge in a research note on Friday, April 4th. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Enbridge Stock Performance

The stock’s 50-day moving average price is $43.34 and its 200-day moving average price is $42.98. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $100.89 billion, a P/E ratio of 26.90, a P/E/G ratio of 3.92 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The firm had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same quarter last year, the company posted $0.64 earnings per share. As a group, equities analysts expect that Enbridge Inc. will post 2.14 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Metis Global Partners LLC boosted its holdings in shares of Enbridge by 4.0% during the fourth quarter. Metis Global Partners LLC now owns 206,921 shares of the pipeline company’s stock valued at $8,782,000 after acquiring an additional 7,986 shares during the period. Aviso Financial Inc. grew its position in Enbridge by 4.3% in the 4th quarter. Aviso Financial Inc. now owns 1,417,584 shares of the pipeline company’s stock worth $60,152,000 after purchasing an additional 58,176 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Enbridge by 70.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company’s stock valued at $52,648,000 after purchasing an additional 536,818 shares during the period. Vanguard Group Inc. raised its holdings in shares of Enbridge by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock valued at $3,888,507,000 after buying an additional 3,611,421 shares during the last quarter. Finally, Sound Income Strategies LLC grew its holdings in Enbridge by 8.6% in the 4th quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock worth $26,808,000 after buying an additional 49,800 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

About Enbridge

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.