Argent Trust Co increased its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 34.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,839 shares of the pipeline company’s stock after purchasing an additional 30,178 shares during the period. Argent Trust Co’s holdings in Enbridge were worth $4,326,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in Enbridge by 16.7% in the 1st quarter. JPMorgan Chase & Co. now owns 8,326,735 shares of the pipeline company’s stock worth $303,092,000 after purchasing an additional 1,194,218 shares in the last quarter. Montrusco Bolton Investments Inc. lifted its stake in Enbridge by 32.5% during the 1st quarter. Montrusco Bolton Investments Inc. now owns 1,528,329 shares of the pipeline company’s stock valued at $55,668,000 after acquiring an additional 374,530 shares during the period. Ritholtz Wealth Management bought a new position in Enbridge during the 1st quarter valued at about $323,000. Meristem Family Wealth LLC bought a new position in Enbridge during the 1st quarter valued at about $203,000. Finally, Brinker Capital Investments LLC bought a new position in Enbridge during the 1st quarter valued at about $1,455,000. Institutional investors own 49.04% of the company’s stock.
Shares of ENB traded down $0.08 during trading hours on Friday, reaching $39.67. 120,950 shares of the stock traded hands, compared to its average volume of 4,723,857. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.52 and a current ratio of 0.59. Enbridge Inc. has a 52-week low of $26.97 and a 52-week high of $40.42. The company’s 50-day simple moving average is $38.29. The company has a market capitalization of $80.36 billion, a P/E ratio of 16.90, a P/E/G ratio of 3.02 and a beta of 0.87.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 1st. Investors of record on Friday, May 14th were paid a dividend of $0.6778 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend was Thursday, May 13th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 6.83%. Enbridge’s payout ratio is 144.20%.
Several equities analysts have issued reports on ENB shares. Argus upped their target price on shares of Enbridge from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Tuesday, May 25th. Stifel Nicolaus lowered their target price on shares of Enbridge from $58.00 to $57.00 and set a “buy” rating on the stock in a research note on Tuesday, February 16th. CIBC dropped their price objective on shares of Enbridge from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 16th. TD Securities boosted their target price on shares of Enbridge from $53.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, February 16th. Finally, Tudor Pickering reiterated a “buy” rating and issued a C$52.00 price target on shares of Enbridge in a research report on Friday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $51.82.
Enbridge Inc 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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