Enbridge Inc. (NYSE:ENB) Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp lifted its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 143.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 151,317 shares of the pipeline company’s stock after purchasing an additional 89,066 shares during the quarter. Fifth Third Bancorp’s holdings in Enbridge were worth $6,705,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in ENB. Norges Bank acquired a new stake in shares of Enbridge during the fourth quarter worth about $909,415,000. Arrowstreet Capital Limited Partnership lifted its position in shares of Enbridge by 396.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 12,047,004 shares of the pipeline company’s stock worth $510,816,000 after purchasing an additional 9,621,425 shares in the last quarter. Blackstone Inc. raised its holdings in Enbridge by 650.7% in the fourth quarter. Blackstone Inc. now owns 5,718,089 shares of the pipeline company’s stock valued at $242,619,000 after acquiring an additional 4,956,379 shares in the last quarter. Deutsche Bank AG raised its holdings in Enbridge by 13.9% in the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company’s stock valued at $1,541,745,000 after acquiring an additional 4,426,684 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Enbridge in the fourth quarter valued at approximately $180,941,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Citigroup assumed coverage on shares of Enbridge in a report on Friday, April 4th. They issued a “buy” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $67.00 target price on shares of Enbridge in a report on Monday, May 12th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a report on Monday, May 12th. Finally, CIBC reaffirmed an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Enbridge Stock Down 0.4%

ENB stock opened at $46.63 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. Enbridge Inc. has a twelve month low of $34.60 and a twelve month high of $47.44. The company’s 50 day moving average is $45.45 and its two-hundred day moving average is $43.98. The stock has a market cap of $101.66 billion, a P/E ratio of 27.11, a PEG ratio of 3.92 and a beta of 0.81.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The company had revenue of $7.27 billion for the quarter, compared to analysts’ expectations of $10.20 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same quarter last year, the company earned $0.92 earnings per share. Research analysts expect that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th were issued a $0.679 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 5.82%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, May 15th. Enbridge’s payout ratio is presently 139.69%.

Enbridge Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.