Bank of New York Mellon Corp Buys 513,506 Shares of Enbridge Inc $ENB

Bank of New York Mellon Corp raised its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,054,055 shares of the pipeline company’s stock after acquiring an additional 513,506 shares during the period. Bank of New York Mellon Corp’s holdings in Enbridge were worth $305,488,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ENB. Whipplewood Advisors LLC lifted its holdings in Enbridge by 112.4% during the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 308 shares during the period. Highline Wealth Partners LLC lifted its holdings in Enbridge by 73.1% during the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 236 shares during the last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Enbridge during the 2nd quarter valued at approximately $29,000. True Wealth Design LLC boosted its holdings in shares of Enbridge by 588.2% in the third quarter. True Wealth Design LLC now owns 585 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 500 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Enbridge in the 2nd quarter worth about $31,000. Institutional investors own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ENB. Royal Bank Of Canada upped their price target on Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. JPMorgan Chase & Co. cut shares of Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Scotiabank raised shares of Enbridge from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 16th. Finally, CIBC lowered Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $63.00.

Enbridge Price Performance

Shares of Enbridge stock opened at $49.27 on Friday. 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 firm has a market cap of $107.48 billion, a PE ratio of 27.07 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 company’s fifty day simple moving average is $47.41 and its two-hundred day simple moving average is $47.54.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 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 business had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the company earned $0.55 EPS. As a group, equities analysts expect that Enbridge Inc will post 2.14 EPS for the current 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 paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s payout ratio is presently 147.80%.

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.