Bank of New York Mellon Corp Has $367.22 Million Stake in Enbridge Inc $ENB

Bank of New York Mellon Corp increased its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,782,732 shares of the pipeline company’s stock after purchasing an additional 319,575 shares during the period. Bank of New York Mellon Corp owned approximately 0.31% of Enbridge worth $367,217,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Triumph Capital Management bought a new position in shares of Enbridge in the third quarter valued at approximately $26,000. Turning Point Benefit Group Inc. purchased a new stake in Enbridge in the third quarter worth $28,000. Inspire Investing LLC bought a new position in Enbridge during the fourth quarter worth about $29,000. Garner Asset Management Corp bought a new position in Enbridge in the 4th quarter worth approximately $30,000. Finally, Imprint Wealth LLC bought a new position in shares of Enbridge in the third quarter worth $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $56.68 on Friday. The company has a market capitalization of $123.79 billion, a price-to-earnings ratio of 26.61 and a beta of 0.58. The business has a 50 day moving average of $55.64 and a 200 day moving average of $52.96. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. Enbridge Inc has a 1-year low of $44.53 and a 1-year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly 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. The business had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period last year, the business earned $1.03 earnings per share. On average, sell-side analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 6.8%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

Wall Street Analyst Weigh In

ENB has been the topic of several research analyst reports. Royal Bank Of Canada upped their price target on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. TD Securities reiterated a “hold” rating on shares of Enbridge in a research report on Thursday. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. 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.com, Enbridge has an average rating of “Moderate Buy” and a consensus price target of $66.50.

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.