LGT Fund Management Co Ltd. Takes $10.18 Million Position in Enbridge Inc $ENB

LGT Fund Management Co Ltd. acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 187,966 shares of the pipeline company’s stock, valued at approximately $10,183,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares during the period. Norges Bank purchased a new position in shares of Enbridge in the 4th quarter valued at approximately $1,195,559,000. Geode Capital Management LLC grew its stake in shares of Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock valued at $942,806,000 after purchasing an additional 858,323 shares during the period. Finally, Mackenzie Financial Corp raised its stake in shares of Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company’s stock worth $870,577,000 after purchasing an additional 844,594 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Upgrades and Downgrades

ENB has been the topic of several analyst reports. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Royal Bank Of Canada boosted 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. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Seven equities research 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 stock has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Price Performance

ENB stock traded up $0.05 during trading on Friday, hitting $54.64. The stock had a trading volume of 2,330,853 shares, compared to its average volume of 3,703,008. The stock has a market cap of $119.34 billion, a price-to-earnings ratio of 25.65 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The company’s 50 day moving average price is $55.48 and its two-hundred day moving average price is $52.65. Enbridge Inc has a 1-year low of $44.13 and a 1-year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $8.49 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. On average, sell-side analysts forecast that Enbridge Inc will post 2.15 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 7.1%. Enbridge’s dividend payout ratio (DPR) is 133.80%.

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.