Allspring Global Investments Holdings LLC Makes New $7.23 Million Investment in Enbridge Inc $ENB

Allspring Global Investments Holdings LLC purchased a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 143,413 shares of the pipeline company’s stock, valued at approximately $7,233,000.

Several other large investors have also recently modified their holdings of the stock. JB Capital LLC purchased a new stake in Enbridge during the 3rd quarter valued at about $201,000. Merit Financial Group LLC lifted its stake in shares of Enbridge by 4.8% in the third quarter. Merit Financial Group LLC now owns 33,872 shares of the pipeline company’s stock worth $1,709,000 after buying an additional 1,544 shares in the last quarter. 3Chopt Investment Partners LLC bought a new position in shares of Enbridge in the third quarter worth approximately $217,000. Smith Salley Wealth Management grew its holdings in shares of Enbridge by 2.1% during the third quarter. Smith Salley Wealth Management now owns 67,796 shares of the pipeline company’s stock valued at $3,421,000 after buying an additional 1,411 shares during the last quarter. Finally, Lewis Asset Management LLC increased its position in shares of Enbridge by 8.5% during the third quarter. Lewis Asset Management LLC now owns 29,824 shares of the pipeline company’s stock valued at $1,505,000 after acquiring an additional 2,340 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of NYSE ENB opened at $45.72 on Wednesday. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The firm has a market capitalization of $99.72 billion, a price-to-earnings ratio of 25.12 and a beta of 0.68. The company has a current ratio of 0.80, a quick ratio of 0.68 and a debt-to-equity ratio of 1.64. The firm has a 50 day moving average of $47.57 and a 200 day moving average of $47.29.

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

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 8.5%. This is a boost from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, February 17th. Enbridge’s dividend payout ratio (DPR) is presently 147.80%.

Analyst Upgrades and Downgrades

ENB has been the topic of several analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Enbridge in a research report on Monday, December 29th. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Cibc World Mkts downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Finally, CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Enbridge currently has a consensus rating of “Hold” and a consensus price target of $63.00.

About Enbridge

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.