Jennison Associates LLC Reduces Stock Position in Enbridge Inc. (NYSE:ENB)

Jennison Associates LLC cut its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 577,420 shares of the pipeline company’s stock after selling 4,642 shares during the period. Jennison Associates LLC’s holdings in Enbridge were worth $20,875,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Toroso Investments LLC increased its holdings in Enbridge by 16.3% in the 3rd quarter. Toroso Investments LLC now owns 41,829 shares of the pipeline company’s stock worth $1,388,000 after buying an additional 5,864 shares during the period. Integrated Wealth Concepts LLC increased its stake in shares of Enbridge by 11.8% in the third quarter. Integrated Wealth Concepts LLC now owns 51,230 shares of the pipeline company’s stock worth $1,713,000 after acquiring an additional 5,426 shares during the period. Morgan Stanley raised its holdings in shares of Enbridge by 6.2% during the third quarter. Morgan Stanley now owns 7,876,610 shares of the pipeline company’s stock worth $261,425,000 after purchasing an additional 461,702 shares during the last quarter. Harbour Investments Inc. lifted its position in Enbridge by 15.0% during the third quarter. Harbour Investments Inc. now owns 18,098 shares of the pipeline company’s stock valued at $601,000 after purchasing an additional 2,366 shares during the period. Finally, Financial Gravity Asset Management Inc. boosted its holdings in Enbridge by 2,294.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 886 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 849 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Performance

Shares of NYSE ENB traded down $0.03 during trading on Tuesday, reaching $35.35. 1,412,825 shares of the company traded hands, compared to its average volume of 5,585,082. The stock has a market cap of $75.43 billion, a P/E ratio of 17.92, a PEG ratio of 3.34 and a beta of 0.92. The firm’s fifty day simple moving average is $36.00 and its 200 day simple moving average is $35.64. The company has a current ratio of 0.68, a quick ratio of 0.59 and a debt-to-equity ratio of 1.35. Enbridge Inc. has a 12-month low of $31.03 and a 12-month high of $38.37.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 10th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.09. The firm had revenue of $8.19 billion during the quarter, compared to analysts’ expectations of $9 billion. Enbridge had a net margin of 13.59% and a return on equity of 10.53%. As a group, research analysts anticipate that Enbridge Inc. will post 2.13 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were issued a dividend of $0.677 per share. This represents a $2.71 annualized dividend and a yield of 7.66%. This is an increase from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Tuesday, May 14th. Enbridge’s dividend payout ratio (DPR) is presently 136.04%.

Enbridge Company 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.