Connor Clark & Lunn Investment Management Ltd. Lowers Position in Enbridge Inc $ENB

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 17.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,218,933 shares of the pipeline company’s stock after selling 1,544,423 shares during the period. Enbridge makes up approximately 1.1% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 15th largest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Enbridge were worth $364,108,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC bought a new position in shares of Enbridge in the 4th quarter worth about $261,000. AQR Capital Management LLC grew its holdings in Enbridge by 68.5% in the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock worth $1,264,000 after purchasing an additional 11,599 shares during the period. Savant Capital LLC grew its holdings in Enbridge by 14.3% in the second quarter. Savant Capital LLC now owns 32,208 shares of the pipeline company’s stock worth $1,460,000 after purchasing an additional 4,024 shares during the period. Parkside Financial Bank & Trust bought a new position in shares of Enbridge during the second quarter valued at approximately $52,000. Finally, Acadian Asset Management LLC lifted its holdings in shares of Enbridge by 58.4% during the second quarter. Acadian Asset Management LLC now owns 208,513 shares of the pipeline company’s stock valued at $9,443,000 after purchasing an additional 76,842 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

NYSE ENB opened at $53.63 on Thursday. The business’s fifty day moving average is $49.97 and its 200 day moving average is $48.72. The company has a market capitalization of $117.01 billion, a PE ratio of 23.32 and a beta of 0.67. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $54.42. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.55 and a current ratio of 0.63.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.The business had revenue of $17.18 billion during the quarter, compared to analyst estimates of $9.10 billion. During the same quarter in the prior year, the business posted $0.75 EPS. Sell-side analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on ENB. Zacks Research raised Enbridge from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. TD Securities cut Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Citigroup reissued a “buy” rating on shares of Enbridge in a report on Thursday, February 19th. JPMorgan Chase & Co. cut Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. Finally, Royal Bank Of Canada raised their price target on Enbridge from $72.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, February 17th. 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.00.

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.