CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Grows Stake in Enbridge Inc $ENB

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 66.5% during the first quarter, HoldingsChannel reports. The firm owned 1,001,500 shares of the pipeline company’s stock after buying an additional 400,000 shares during the period. Enbridge accounts for 2.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 15th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $54,221,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ENB. Exchange Traded Concepts LLC lifted its position in Enbridge by 3.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company’s stock worth $53,652,000 after acquiring an additional 41,601 shares in the last quarter. Viking Fund Management LLC grew its position in Enbridge by 35.2% in the fourth quarter. Viking Fund Management LLC now owns 236,000 shares of the pipeline company’s stock valued at $11,288,000 after acquiring an additional 61,500 shares in the last quarter. Third View Private Wealth LLC acquired a new stake in Enbridge in the fourth quarter valued at approximately $3,691,000. Swiss Life Asset Management Ltd raised its stake in shares of Enbridge by 19.2% during the third quarter. Swiss Life Asset Management Ltd now owns 276,434 shares of the pipeline company’s stock valued at $13,966,000 after purchasing an additional 44,524 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ENB shares. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Royal Bank Of Canada lifted their price target on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Enbridge currently has an average rating of “Moderate Buy” and an average target price of $66.50.

Enbridge Price Performance

ENB stock opened at $54.05 on Monday. The stock’s 50 day moving average is $55.32 and its two-hundred day moving average is $52.42. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45. The company has a market capitalization of $118.04 billion, a PE ratio of 25.37 and a beta of 0.58. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The company had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. During the same period in the prior year, the business posted $1.03 EPS. Analysts predict that Enbridge Inc will post 2.16 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 7.2%. Enbridge’s dividend payout ratio is currently 133.80%.

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.