JPMorgan Chase & Co. Purchases 176,733 Shares of Enbridge Inc. (NYSE:ENB)

JPMorgan Chase & Co. boosted its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.1% during the third quarter, Holdings Channel.com reports. The fund owned 16,142,638 shares of the pipeline company’s stock after acquiring an additional 176,733 shares during the period. JPMorgan Chase & Co.’s holdings in Enbridge were worth $655,556,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ENB. McIlrath & Eck LLC increased its position in Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 295 shares during the period. Grove Bank & Trust raised its stake in Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. MFA Wealth Advisors LLC lifted its holdings in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after buying an additional 280 shares during the period. William B. Walkup & Associates Inc. bought a new stake in Enbridge during the 2nd quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Enbridge during the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ENB shares. Morgan Stanley initiated coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price target (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Enbridge has an average rating of “Hold” and an average price target of $63.00.

Enbridge Trading Up 0.0 %

Enbridge stock opened at $41.82 on Friday. Enbridge Inc. has a 12 month low of $32.85 and a 12 month high of $44.13. The company has a market capitalization of $91.10 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 4.18 and a beta of 0.94. The business’s fifty day simple moving average is $42.06 and its two-hundred day simple moving average is $39.67. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The company had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the previous year, the business posted $0.46 EPS. As a group, equities analysts predict that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s payout ratio is 124.07%.

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.