HighTower Advisors LLC Decreases Position in Enbridge Inc $ENB

HighTower Advisors LLC reduced its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 607,189 shares of the pipeline company’s stock after selling 29,531 shares during the quarter. HighTower Advisors LLC’s holdings in Enbridge were worth $30,639,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after purchasing an additional 3,217,961 shares during the last quarter. Norges Bank acquired a new position in shares of Enbridge during the second quarter worth about $1,113,368,000. Legal & General Group Plc boosted its position in shares of Enbridge by 1.1% in the second quarter. Legal & General Group Plc now owns 18,861,475 shares of the pipeline company’s stock worth $853,669,000 after buying an additional 207,243 shares during the period. Geode Capital Management LLC boosted its holdings in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after acquiring an additional 2,989,992 shares during the period. Finally, Scotia Capital Inc. raised its stake in shares of Enbridge by 0.3% during the second quarter. Scotia Capital Inc. now owns 14,069,558 shares of the pipeline company’s stock valued at $635,774,000 after purchasing an additional 37,589 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ENB shares. Royal Bank Of Canada lifted their price target on shares of Enbridge from $72.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday. Weiss Ratings raised Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 9th. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a research report on Tuesday. Zacks Research upgraded shares of Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Tuesday. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Enbridge Stock Performance

ENB stock opened at $50.88 on Thursday. The firm has a 50 day simple moving average of $48.22 and a 200 day simple moving average of $48.11. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $54.19. The stock has a market cap of $111.00 billion, a P/E ratio of 22.12 and a beta of 0.69. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.68 and a current ratio of 0.63.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The company had revenue of $17.18 billion for the quarter, compared to the consensus estimate of $9.10 billion. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.During the same period last year, the business posted $0.75 earnings per share. Research analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm 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. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.6%. 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 120.87%.

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.