K.J. Harrison & Partners Inc Reduces Stock Position in Enbridge Inc $ENB

K.J. Harrison & Partners Inc reduced its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 50.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 62,559 shares of the pipeline company’s stock after selling 62,842 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Enbridge were worth $3,109,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. IHT Wealth Management LLC boosted its holdings in Enbridge by 1.2% in the second quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock valued at $820,000 after purchasing an additional 213 shares in the last quarter. HBK Sorce Advisory LLC lifted its position in shares of Enbridge by 1.8% during the 3rd quarter. HBK Sorce Advisory LLC now owns 12,424 shares of the pipeline company’s stock worth $609,000 after buying an additional 215 shares during the last quarter. Copperleaf Capital LLC boosted its holdings in shares of Enbridge by 3.6% in the 3rd quarter. Copperleaf Capital LLC now owns 6,328 shares of the pipeline company’s stock valued at $319,000 after buying an additional 217 shares in the last quarter. South Plains Financial Inc. boosted its holdings in shares of Enbridge by 13.2% in the 2nd quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company’s stock valued at $85,000 after buying an additional 220 shares in the last quarter. Finally, AdvisorNet Financial Inc grew its position in shares of Enbridge by 2.9% in the 3rd quarter. AdvisorNet Financial Inc now owns 7,824 shares of the pipeline company’s stock valued at $395,000 after buying an additional 221 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. National Bank Financial restated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a report on Tuesday, February 17th. Raymond James Financial raised Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, JPMorgan Chase & Co. cut Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Enbridge presently has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Enbridge Stock Up 0.0%

Enbridge stock opened at $52.42 on Thursday. The stock has a 50 day moving average of $48.70 and a two-hundred day moving average of $48.29. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $54.19. The stock has a market capitalization of $114.37 billion, a price-to-earnings ratio of 22.79 and a beta of 0.69. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. The firm had revenue of $17.18 billion for the quarter, compared to analyst estimates of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same period last year, the firm posted $0.75 EPS. As a group, research analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a $0.97 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $3.88 dividend on an annualized basis and a yield of 7.4%. This is a boost from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s dividend payout ratio is presently 120.87%.

Enbridge 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.