1832 Asset Management L.P. Sells 851,591 Shares of Enbridge Inc $ENB

1832 Asset Management L.P. lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 31,081,859 shares of the pipeline company’s stock after selling 851,591 shares during the quarter. Enbridge accounts for approximately 1.1% of 1832 Asset Management L.P.’s portfolio, making the stock its 7th biggest position. 1832 Asset Management L.P.’s holdings in Enbridge were worth $1,408,630,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Enbridge by 3.5% in the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after acquiring an additional 3,217,961 shares in the last quarter. GQG Partners LLC lifted its holdings in shares of Enbridge by 1.5% in the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company’s stock valued at $3,338,405,000 after purchasing an additional 1,148,580 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Enbridge by 1.6% in the 2nd quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company’s stock valued at $1,804,913,000 after purchasing an additional 617,577 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after purchasing an additional 19,074,827 shares during the period. Finally, Norges Bank purchased a new position in Enbridge during the 2nd quarter worth approximately $1,113,368,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ENB has been the topic of a number of research reports. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Weiss Ratings restated a “buy (b-)” rating on shares of Enbridge in a research note on Monday. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Finally, Royal Bank Of Canada raised their price target on Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Monday, November 10th. Six equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $63.00.

Enbridge Price Performance

Enbridge stock opened at $48.15 on Wednesday. The company has a market cap of $105.02 billion, a P/E ratio of 26.45 and a beta of 0.68. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The business has a fifty day moving average of $48.08 and a two-hundred day moving average of $47.03. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a net margin of 9.20% and a return on equity of 10.51%. The company had revenue of $7 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the prior year, the business earned $0.55 EPS. As a group, analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a dividend of $0.9425 per share. This represents a $3.77 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date was Friday, November 14th. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s payout ratio is 147.80%.

Enbridge Company Profile

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.