Canada Pension Plan Investment Board Reduces Stock Holdings in Enbridge Inc $ENB

Canada Pension Plan Investment Board lessened its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 21.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,800,535 shares of the pipeline company’s stock after selling 2,995,759 shares during the quarter. Canada Pension Plan Investment Board owned 0.49% of Enbridge worth $585,113,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ENB. Arlington Trust Co LLC lifted its position in shares of Enbridge by 114.6% during the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock worth $27,000 after purchasing an additional 267 shares during the last quarter. Triumph Capital Management bought a new position in Enbridge in the third quarter worth $26,000. Turning Point Benefit Group Inc. acquired a new stake in shares of Enbridge during the 3rd quarter valued at about $28,000. Inspire Investing LLC acquired a new stake in Enbridge during the fourth quarter valued at approximately $29,000. Finally, Imprint Wealth LLC bought a new stake in Enbridge in the third quarter valued at $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on ENB shares. US Capital Advisors raised shares of Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. TD Securities reissued a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Royal Bank Of Canada upped their target price on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $67.00.

Enbridge Stock Performance

Shares of Enbridge stock opened at $49.74 on Wednesday. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The business has a 50-day simple moving average of $53.90 and a 200 day simple moving average of $54.03. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The firm has a market capitalization of $108.63 billion, a price-to-earnings ratio of 26.60 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The business had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the firm earned $0.65 EPS. On average, research analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is presently 147.06%.

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.