Pictet Asset Management Holding SA Purchases 1,069,871 Shares of Enbridge Inc $ENB

by · The Cerbat Gem

Pictet Asset Management Holding SA boosted its position in shares of Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 106.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,070,866 shares of the pipeline company’s stock after purchasing an additional 1,069,871 shares during the quarter. Pictet Asset Management Holding SA owned about 0.09% of Enbridge worth $96,482,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in ENB. Envestnet Asset Management Inc. grew its holdings in Enbridge by 0.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 3,844,716 shares of the pipeline company’s stock worth $208,427,000 after acquiring an additional 26,591 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Enbridge by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,079,469 shares of the pipeline company’s stock valued at $599,709,000 after purchasing an additional 268,800 shares during the period. Empowered Funds LLC lifted its stake in shares of Enbridge by 24.2% in the 1st quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock valued at $5,956,000 after purchasing an additional 21,442 shares during the period. SCS Capital Management LLC acquired a new position in shares of Enbridge in the 2nd quarter valued at $9,204,000. Finally, BlackRock Inc. bought a new position in shares of Enbridge in the 2nd quarter worth $183,623,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Up 1.0%

Shares of NYSE:ENB opened at $47.37 on Tuesday. The company has a 50 day moving average price of $48.04 and a two-hundred day moving average price of $52.18. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The company has a market capitalization of $105.59 billion, a PE ratio of 22.90, a PEG ratio of 5.86 and a beta of 0.59. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last announced its quarterly earnings results on Friday, November 6th. The pipeline company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The company had revenue of $21.08 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Analysts forecast that Enbridge Inc will post 2.08 earnings per share for the current year.

Enbridge Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a dividend of C$0.97 per share. This represents a $3.88 annualized dividend and a yield of 8.2%. The ex-dividend date of this dividend is Friday, November 13th. Enbridge’s dividend payout ratio (DPR) is presently 134.80%.

Analysts Set New Price Targets

A number of brokerages recently commented on ENB. Scotiabank raised Enbridge to a “strong-buy” rating in a research note on Thursday, September 17th. Raymond James Financial reissued a “market perform” rating on shares of Enbridge in a research note on Tuesday, September 15th. Weiss Ratings cut Enbridge from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, November 2nd. BMO Capital Markets upgraded Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 target price for the company in a research report on Monday, September 14th. Finally, The Goldman Sachs Group started coverage on Enbridge in a research report on Wednesday, September 30th. They set a “neutral” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.88.

View Our Latest Analysis on Enbridge

Enbridge Company Profile

(Free Report)

Enbridge Inc is a North American energy infrastructure company that transports and distributes energy. Its businesses include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas utilities that serve homes and businesses.

Founded in 1949 as Interprovincial Pipe Line Company, Enbridge has grown into a cross-border operator serving customers and energy markets in Canada and the United States. Its infrastructure moves crude oil, natural gas and natural gas liquids, connecting producers with refineries, utilities and other markets.

Enbridge also invests in renewable power, including wind and solar projects, alongside its energy transportation and distribution operations.

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