Maryland State Retirement & Pension System Increases Stock Holdings in Enbridge Inc $ENB

Maryland State Retirement & Pension System grew its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,919,694 shares of the pipeline company’s stock after purchasing an additional 196,349 shares during the period. Enbridge comprises approximately 3.2% of Maryland State Retirement & Pension System’s holdings, making the stock its 3rd largest holding. Maryland State Retirement & Pension System’s holdings in Enbridge were worth $158,182,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Royal Bank Of Canada increased their price objective on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Stock Up 1.6%

Shares of Enbridge stock opened at $55.92 on Wednesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. Enbridge Inc has a 1 year low of $44.53 and a 1 year high of $58.45. The firm’s 50-day moving average is $55.49 and its two-hundred day moving average is $52.81. The stock has a market cap of $122.14 billion, a price-to-earnings ratio of 26.26 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $8.49 billion. During the same quarter last year, the firm posted $1.03 EPS. As a group, research analysts expect that Enbridge Inc will post 2.15 earnings per share 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 paid a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.9%. Enbridge’s dividend payout ratio (DPR) is currently 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.