Thornburg Investment Management Inc. Increases Position in Enbridge Inc $ENB

Thornburg Investment Management Inc. grew its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,601,831 shares of the pipeline company’s stock after acquiring an additional 14,211 shares during the quarter. Enbridge comprises about 2.2% of Thornburg Investment Management Inc.’s portfolio, making the stock its 12th biggest position. Thornburg Investment Management Inc. owned approximately 0.17% of Enbridge worth $172,376,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Triumph Capital Management purchased a new position in Enbridge during the 3rd quarter worth $26,000. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the 3rd quarter worth $28,000. Imprint Wealth LLC purchased a new position in Enbridge during the 3rd quarter worth $31,000. Garner Asset Management Corp purchased a new position in Enbridge during the 4th quarter worth $30,000. Finally, Gilpin Wealth Management LLC purchased a new position in Enbridge during the 4th quarter worth $38,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Performance

Shares of ENB stock opened at $56.49 on Monday. The stock has a market cap of $123.35 billion, a PE ratio of 26.52 and a beta of 0.58. The business has a 50-day simple moving average of $54.83 and a 200-day simple moving average of $51.67. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter in the previous year, the firm posted $1.03 EPS. On average, equities analysts expect that Enbridge Inc will post 2.18 EPS for the current year.

Enbridge Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ENB. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday. TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

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.