CIBC Asset Management Inc Trims Position in Enbridge Inc $ENB

CIBC Asset Management Inc lessened its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.9% in the fourth quarter, Holdings Channel reports. The fund owned 13,898,857 shares of the pipeline company’s stock after selling 1,185,819 shares during the quarter. Enbridge comprises 1.6% of CIBC Asset Management Inc’s investment portfolio, making the stock its 15th biggest holding. CIBC Asset Management Inc’s holdings in Enbridge were worth $666,685,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Trajan Wealth LLC increased its position in Enbridge by 15.3% during the third quarter. Trajan Wealth LLC now owns 804,261 shares of the pipeline company’s stock valued at $40,583,000 after acquiring an additional 106,784 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Enbridge by 7.7% during the third quarter. Principal Financial Group Inc. now owns 339,147 shares of the pipeline company’s stock valued at $17,113,000 after buying an additional 24,165 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in Enbridge by 3.9% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company’s stock valued at $53,652,000 after buying an additional 41,601 shares during the last quarter. Viking Fund Management LLC increased its holdings in Enbridge by 35.2% during the fourth quarter. Viking Fund Management LLC now owns 236,000 shares of the pipeline company’s stock valued at $11,288,000 after buying an additional 61,500 shares during the last quarter. Finally, Third View Private Wealth LLC purchased a new stake in Enbridge during the fourth quarter valued at approximately $3,691,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Citigroup reaffirmed a “buy” rating on shares of Enbridge in a report on Thursday, February 19th. TD Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, May 24th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Stock Up 2.6%

Shares of ENB opened at $56.34 on Wednesday. The company has a market capitalization of $123.04 billion, a PE ratio of 26.45 and a beta of 0.58. The business’s 50 day moving average is $54.47 and its 200 day moving average is $51.16. Enbridge Inc has a 12-month low of $43.59 and a 12-month high of $58.45. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69.

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

Enbridge Dividend Announcement

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

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.