Geode Capital Management LLC Grows Stock Position in Enbridge Inc $ENB

Geode Capital Management LLC increased its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 21,421,826 shares of the pipeline company’s stock after purchasing an additional 1,415,995 shares during the quarter. Geode Capital Management LLC’s holdings in Enbridge were worth $1,045,172,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ENB. Brighton Jones LLC purchased a new position in Enbridge during the fourth quarter worth about $261,000. AQR Capital Management LLC lifted its position in Enbridge by 68.5% during the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock worth $1,264,000 after buying an additional 11,599 shares during the period. AXA S.A. lifted its position in Enbridge by 15.5% during the second quarter. AXA S.A. now owns 113,887 shares of the pipeline company’s stock worth $5,161,000 after buying an additional 15,259 shares during the period. Diversify Advisory Services LLC lifted its position in Enbridge by 93.1% during the second quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company’s stock worth $1,042,000 after buying an additional 10,617 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Enbridge by 80.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company’s stock worth $3,553,000 after buying an additional 34,912 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Performance

Shares of NYSE:ENB opened at $54.75 on Friday. The firm has a market capitalization of $119.56 billion, a PE ratio of 25.71 and a beta of 0.59. 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 business has a 50-day moving average of $54.45 and a two-hundred day moving average of $51.09. Enbridge Inc has a 12 month low of $43.59 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 EPS for the quarter, topping the consensus estimate 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 period in the prior year, the firm posted $1.03 earnings per share. As a group, research analysts forecast that Enbridge Inc will post 2.18 earnings per share for the current year.

Enbridge Announces Dividend

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

Analysts Set New Price Targets

ENB has been the subject of several research analyst reports. Royal Bank Of Canada upped their price target on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Scotiabank restated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Finally, Raymond James Financial upgraded Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently 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.