Bank of Nova Scotia Reduces Stake in Enbridge Inc $ENB

Bank of Nova Scotia reduced its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 38.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,369,350 shares of the pipeline company’s stock after selling 2,775,390 shares during the quarter. Bank of Nova Scotia’s holdings in Enbridge were worth $198,075,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mutual Advisors LLC grew its holdings in shares of Enbridge by 25.3% during the second quarter. Mutual Advisors LLC now owns 51,995 shares of the pipeline company’s stock valued at $2,338,000 after buying an additional 10,488 shares during the last quarter. 111 Capital bought a new position in Enbridge in the 2nd quarter valued at approximately $1,887,000. Loudon Investment Management LLC boosted its stake in Enbridge by 40.6% during the 2nd quarter. Loudon Investment Management LLC now owns 29,801 shares of the pipeline company’s stock valued at $1,351,000 after purchasing an additional 8,600 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Enbridge by 37.7% during the 2nd quarter. Ritholtz Wealth Management now owns 71,834 shares of the pipeline company’s stock valued at $3,256,000 after purchasing an additional 19,655 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Enbridge by 0.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,142,927 shares of the pipeline company’s stock worth $187,705,000 after purchasing an additional 32,268 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE ENB opened at $48.14 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The business has a 50-day moving average price of $47.97 and a 200-day moving average price of $47.09. The firm has a market cap of $105.01 billion, a price-to-earnings ratio of 26.45 and a beta of 0.68.

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

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be issued a $0.97 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, February 17th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.1%. Enbridge’s dividend payout ratio (DPR) is presently 147.80%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. Royal Bank Of Canada lifted their target price on shares of Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Enbridge in a research note on Monday, December 1st. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $63.00.

Enbridge 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.