First Horizon Corp Buys 39,589 Shares of Enbridge Inc $ENB

First Horizon Corp boosted its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2,465.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 41,195 shares of the pipeline company’s stock after buying an additional 39,589 shares during the quarter. First Horizon Corp’s holdings in Enbridge were worth $2,230,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ENB. Vanguard Group Inc. grew its stake in shares of Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after acquiring an additional 2,067,516 shares in the last quarter. Norges Bank bought a new position in shares of Enbridge during the fourth quarter valued at about $1,195,559,000. Geode Capital Management LLC lifted its position in shares of Enbridge by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock valued at $942,806,000 after purchasing an additional 858,323 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company’s stock worth $870,577,000 after purchasing an additional 844,594 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Up 0.1%

NYSE ENB opened at $54.64 on Friday. The business’s fifty day moving average is $55.48 and its 200-day moving average is $52.65. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The stock has a market capitalization of $119.34 billion, a price-to-earnings ratio of 25.65 and a beta of 0.58. Enbridge Inc has a one year low of $44.13 and a one year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the prior year, the business earned $1.03 earnings per share. Equities research analysts predict that Enbridge Inc will post 2.15 EPS for the current year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date was Friday, May 15th. Enbridge’s payout ratio is presently 133.80%.

Wall Street Analyst Weigh In

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