Enbridge Inc $ENB Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 22.1% in the first quarter, Holdings Channel reports. The institutional investor owned 5,652,712 shares of the pipeline company’s stock after selling 1,606,610 shares during the quarter. Bank of Nova Scotia’s holdings in Enbridge were worth $306,350,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its holdings in Enbridge by 39.6% during the 1st quarter. Sei Investments Co. now owns 210,994 shares of the pipeline company’s stock worth $11,423,000 after acquiring an additional 59,852 shares in the last quarter. Davis R M Inc. lifted its position in shares of Enbridge by 33.6% during the first quarter. Davis R M Inc. now owns 5,951 shares of the pipeline company’s stock worth $322,000 after purchasing an additional 1,495 shares during the last quarter. Lido Advisors LLC lifted its position in shares of Enbridge by 390.0% during the first quarter. Lido Advisors LLC now owns 115,082 shares of the pipeline company’s stock worth $6,230,000 after purchasing an additional 91,598 shares during the last quarter. CacheTech Inc. grew its stake in Enbridge by 104.7% in the first quarter. CacheTech Inc. now owns 17,275 shares of the pipeline company’s stock worth $935,000 after purchasing an additional 8,835 shares in the last quarter. Finally, Barometer Capital Management Inc. increased its holdings in Enbridge by 1,064.3% in the first quarter. Barometer Capital Management Inc. now owns 97,800 shares of the pipeline company’s stock valued at $5,295,000 after buying an additional 89,400 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ENB has been the topic of a number of research analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a report on Tuesday. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Royal Bank Of Canada upped their price target on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Stock Up 0.2%

ENB opened at $56.38 on Friday. The stock’s 50 day moving average price is $55.70 and its 200 day moving average price is $53.22. 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 cap of $123.13 billion, a P/E ratio of 26.47 and a beta of 0.58. Enbridge Inc has a 12 month low of $44.58 and a 12 month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $8.49 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. As a group, research analysts predict that Enbridge Inc will post 2.13 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date was Friday, May 15th. Enbridge’s payout ratio is currently 133.80%.

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.