CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $25.31 Million Stock Position in Enbridge Inc $ENB

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 66.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 501,500 shares of the pipeline company’s stock after acquiring an additional 200,000 shares during the period. Enbridge comprises approximately 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 22nd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $25,306,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC purchased a new position in Enbridge during the 4th quarter worth approximately $261,000. State of Wyoming boosted its position in shares of Enbridge by 14.2% in the first quarter. State of Wyoming now owns 7,860 shares of the pipeline company’s stock worth $348,000 after buying an additional 980 shares during the period. Focus Partners Advisor Solutions LLC grew its holdings in shares of Enbridge by 2.4% during the first quarter. Focus Partners Advisor Solutions LLC now owns 23,901 shares of the pipeline company’s stock valued at $1,059,000 after buying an additional 549 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its position in Enbridge by 18.3% during the first quarter. Federation des caisses Desjardins du Quebec now owns 7,869,539 shares of the pipeline company’s stock valued at $347,396,000 after buying an additional 1,216,081 shares during the period. Finally, Aprio Wealth Management LLC purchased a new stake in Enbridge in the 1st quarter worth about $219,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

ENB stock opened at $48.03 on Wednesday. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $104.77 billion, a price-to-earnings ratio of 26.39 and a beta of 0.68. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $50.54. The firm has a 50 day moving average of $47.57 and a two-hundred day moving average of $47.22.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly 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 business had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same quarter in the prior year, the business posted $0.55 EPS. As a group, equities analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Enbridge in a research note on Monday. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Monday, November 10th. Cibc World Mkts lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.00.

Enbridge Company Profile

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.