Concorde Asset Management LLC Buys Shares of 6,527 Enbridge Inc. (NYSE:ENB)

Concorde Asset Management LLC purchased a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 6,527 shares of the pipeline company’s stock, valued at approximately $232,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Asset Management Inc lifted its holdings in Enbridge by 24.9% in the fourth quarter. TD Asset Management Inc now owns 37,749,760 shares of the pipeline company’s stock worth $1,365,583,000 after acquiring an additional 7,536,678 shares during the last quarter. M&G Plc acquired a new position in Enbridge during the 1st quarter valued at approximately $152,843,000. Cibc World Market Inc. grew its stake in Enbridge by 12.8% during the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after buying an additional 3,693,495 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Enbridge by 66.9% in the first quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock worth $327,172,000 after buying an additional 3,624,089 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Enbridge by 15.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 21,932,752 shares of the pipeline company’s stock worth $790,785,000 after buying an additional 2,895,742 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Performance

Shares of ENB opened at $40.52 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. Enbridge Inc. has a 1 year low of $31.03 and a 1 year high of $41.22. The firm has a fifty day moving average of $38.61 and a 200-day moving average of $36.72. The company has a market cap of $86.45 billion, a price-to-earnings ratio of 20.57, a price-to-earnings-growth ratio of 3.91 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period in the previous year, the business posted $0.51 EPS. As a group, equities analysts anticipate that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a dividend of $0.669 per share. This represents a $2.68 annualized dividend and a yield of 6.60%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is currently 134.01%.

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.