Bank of New York Mellon Corp Raises Stock Position in Enbridge Inc $ENB

Bank of New York Mellon Corp increased its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 6.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,463,157 shares of the pipeline company’s stock after acquiring an additional 409,102 shares during the quarter. Bank of New York Mellon Corp’s holdings in Enbridge were worth $309,133,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blue Fin Capital Inc. increased its holdings in Enbridge by 1.3% in the 4th quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company’s stock worth $767,000 after acquiring an additional 213 shares in the last quarter. Guinness Atkinson Asset Management Inc increased its holdings in Enbridge by 3.4% in the 4th quarter. Guinness Atkinson Asset Management Inc now owns 6,475 shares of the pipeline company’s stock worth $309,000 after acquiring an additional 213 shares in the last quarter. IHT Wealth Management LLC increased its holdings in Enbridge by 1.2% in the 2nd quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock worth $820,000 after acquiring an additional 213 shares in the last quarter. Avidian Wealth Enterprises LLC increased its holdings in Enbridge by 2.5% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 8,936 shares of the pipeline company’s stock worth $427,000 after acquiring an additional 218 shares in the last quarter. Finally, PFG Advisors increased its holdings in Enbridge by 4.2% in the 3rd quarter. PFG Advisors now owns 5,479 shares of the pipeline company’s stock worth $276,000 after acquiring an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 1.6%

Shares of ENB stock opened at $56.73 on Friday. The company’s 50-day moving average price is $54.61 and its 200-day moving average price is $51.33. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $58.45. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. The stock has a market cap of $123.88 billion, a price-to-earnings ratio of 26.63 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same quarter in the prior year, the company posted $1.03 earnings per share. As a group, equities analysts predict that Enbridge Inc will post 2.2 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 6.8%. Enbridge’s dividend payout ratio is presently 133.80%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Royal Bank Of Canada boosted their price target on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Finally, Citigroup reissued a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. Seven research 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 presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

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.