Geode Capital Management LLC Boosts Stake in Enbridge Inc $ENB

by · The Cerbat Gem

Geode Capital Management LLC lifted its holdings in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 7.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,421,826 shares of the pipeline company’s stock after buying an additional 1,415,995 shares during the quarter. Geode Capital Management LLC owned 0.98% of Enbridge worth $1,045,172,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Tsfg LLC boosted its position in Enbridge by 329.6% during the third quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock worth $25,000 after purchasing an additional 379 shares in the last quarter. Triumph Capital Management purchased a new stake in Enbridge during the third quarter worth $26,000. Turning Point Benefit Group Inc. purchased a new stake in Enbridge during the third quarter worth $28,000. Garner Asset Management Corp purchased a new stake in Enbridge during the fourth quarter worth $30,000. Finally, Imprint Wealth LLC purchased a new stake in Enbridge during the third quarter worth $31,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on ENB. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Raymond James Financial upgraded Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. Finally, Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, May 24th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Read Our Latest Report on ENB

Enbridge Stock Down 1.5%

Shares of NYSE:ENB opened at $54.75 on Friday. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45. The stock’s fifty day simple moving average is $54.45 and its 200-day simple moving average is $51.09. The company has a market capitalization of $119.56 billion, a P/E ratio of 25.71 and a beta of 0.59.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The business had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. During the same period in the prior year, the business earned $1.03 earnings per share. As a group, equities research analysts forecast that Enbridge Inc will post 2.18 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Friday, May 15th. Enbridge’s dividend payout ratio is currently 133.80%.

Enbridge Profile

(Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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