CI Investments Inc. Sells 416,770 Shares of Enbridge Inc $ENB

CI Investments Inc. cut its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 96.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 13,858 shares of the pipeline company’s stock after selling 416,770 shares during the quarter. CI Investments Inc.’s holdings in Enbridge were worth $699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ENB. Brighton Jones LLC purchased a new position in shares of Enbridge in the fourth quarter worth $261,000. AQR Capital Management LLC raised its holdings in Enbridge by 68.5% during the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock valued at $1,264,000 after buying an additional 11,599 shares during the last quarter. First Horizon Advisors Inc. boosted its position in Enbridge by 41.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 9,225 shares of the pipeline company’s stock valued at $418,000 after buying an additional 2,720 shares during the period. Atlantic Union Bankshares Corp grew its holdings in Enbridge by 162.4% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 42,165 shares of the pipeline company’s stock worth $1,911,000 after acquiring an additional 26,099 shares during the last quarter. Finally, Golden State Wealth Management LLC grew its holdings in Enbridge by 85.2% in the 2nd quarter. Golden State Wealth Management LLC now owns 4,517 shares of the pipeline company’s stock worth $205,000 after acquiring an additional 2,078 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Up 0.4%

Enbridge stock opened at $54.08 on Friday. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $54.42. The company has a market capitalization of $117.99 billion, a price-to-earnings ratio of 23.51 and a beta of 0.67. The business’s fifty day simple moving average is $49.62 and its two-hundred day simple moving average is $48.59. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.03. The firm had revenue of $17.18 billion during 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 company earned $0.75 earnings per share. As a group, equities analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ENB. JPMorgan Chase & Co. lowered shares of Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 27th. Zacks Research upgraded shares of Enbridge from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Finally, Citigroup reaffirmed a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Enbridge 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.