HB Wealth Management LLC raised its stake in Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 90.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 13,933 shares of the pipeline company’s stock after buying an additional 6,603 shares during the quarter. HB Wealth Management LLC’s holdings in Enbridge were worth $591,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc increased its stake in Enbridge by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after purchasing an additional 936,863 shares in the last quarter. Toronto Dominion Bank increased its position in shares of Enbridge by 3.6% in the second quarter. Toronto Dominion Bank now owns 18,703,423 shares of the pipeline company’s stock valued at $665,655,000 after buying an additional 644,526 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Enbridge by 12.8% in the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after buying an additional 2,061,758 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Enbridge by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock valued at $655,556,000 after acquiring an additional 176,733 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Enbridge by 27.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after acquiring an additional 2,668,692 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $63.00 price objective (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Morgan Stanley began coverage on Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. TD Securities started coverage on shares of Enbridge in a research note on Wednesday, January 15th. They issued a “buy” rating for the company. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $63.00.
Enbridge Price Performance
Shares of NYSE:ENB opened at $44.77 on Thursday. The business has a fifty day simple moving average of $42.85 and a 200-day simple moving average of $40.73. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $45.78. The company has a market cap of $97.53 billion, a P/E ratio of 20.73, a P/E/G ratio of 4.13 and a beta of 0.93. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.
Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last posted its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The company had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the company posted $0.46 EPS. Equities research analysts forecast that Enbridge Inc. will post 1.97 EPS for the current year.
Enbridge Cuts Dividend
The company also recently disclosed 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. The ex-dividend date is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.99%. Enbridge’s payout ratio is 121.76%.
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.
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