Ghisallo Capital Management LLC Acquires New Shares in Enbridge Inc. (NYSE:ENB)

Ghisallo Capital Management LLC bought a new position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 732,836 shares of the pipeline company’s stock, valued at approximately $26,082,000. Enbridge makes up 1.7% of Ghisallo Capital Management LLC’s portfolio, making the stock its 14th largest position.

A number of other large investors have also recently made changes to their positions in ENB. Vanguard Group Inc. grew its position in shares of Enbridge by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after purchasing an additional 1,227,031 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Enbridge by 0.9% in the 1st quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock worth $1,377,708,000 after buying an additional 337,729 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of Enbridge by 3.9% during the 1st quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after buying an additional 1,360,439 shares in the last quarter. Cibc World Market Inc. grew its position in Enbridge by 12.8% in the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after acquiring an additional 3,693,495 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Enbridge by 3.7% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after acquiring an additional 827,540 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

NYSE:ENB opened at $41.14 on Wednesday. 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 fifty-two week low of $31.03 and a fifty-two week high of $41.22. The firm has a market cap of $87.79 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 3.93 and a beta of 0.94. The business has a 50 day moving average price of $39.43 and a 200-day moving average price of $37.06.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the company posted $0.51 EPS. Equities research analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.50%. Enbridge’s payout ratio is currently 134.01%.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Enbridge presently has an average rating of “Hold” and a consensus target price of $51.50.

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.