Enbridge Inc. (NYSE:ENB) Position Lifted by 1832 Asset Management L.P.

1832 Asset Management L.P. increased its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 35,289,140 shares of the pipeline company’s stock after buying an additional 846,796 shares during the quarter. Enbridge comprises 1.8% of 1832 Asset Management L.P.’s investment portfolio, making the stock its 4th biggest holding. 1832 Asset Management L.P.’s holdings in Enbridge were worth $1,271,115,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. grew its stake in shares of Enbridge by 0.8% in the 4th quarter. Crossmark Global Holdings Inc. now owns 139,154 shares of the pipeline company’s stock valued at $5,012,000 after purchasing an additional 1,105 shares during the last quarter. Eisler Capital UK Ltd. grew its stake in shares of Enbridge by 607.1% in the 4th quarter. Eisler Capital UK Ltd. now owns 19,614 shares of the pipeline company’s stock valued at $706,000 after purchasing an additional 23,482 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Enbridge by 7.9% in the 4th quarter. CIBC Asset Management Inc now owns 22,358,849 shares of the pipeline company’s stock valued at $807,469,000 after purchasing an additional 1,641,245 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Enbridge by 15.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 21,932,752 shares of the pipeline company’s stock valued at $790,785,000 after purchasing an additional 2,895,742 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Enbridge by 34.0% in the 4th quarter. Jones Financial Companies Lllp now owns 30,656 shares of the pipeline company’s stock valued at $1,104,000 after purchasing an additional 7,776 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

ENB has been the subject of several recent analyst reports. Jefferies Financial Group initiated coverage on Enbridge in a report on Tuesday, February 27th. They issued a “buy” rating for the company. Stifel Nicolaus initiated coverage on Enbridge in a report on Thursday, January 18th. They issued a “hold” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.20.

Enbridge Price Performance

ENB stock traded up $0.85 during midday trading on Thursday, hitting $36.44. 5,114,280 shares of the stock were exchanged, compared to its average volume of 5,854,376. The stock’s 50-day moving average price is $35.29 and its 200-day moving average price is $34.89. The stock has a market cap of $77.47 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 3.36 and a beta of 0.83. Enbridge Inc. has a fifty-two week low of $31.03 and a fifty-two week high of $40.30. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.74 and a current ratio of 0.83.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.03). The company had revenue of $8.37 billion for the quarter, compared to analysts’ expectations of $9.62 billion. Enbridge had a return on equity of 10.23% and a net margin of 13.97%. Research analysts predict that Enbridge Inc. will post 2.12 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be given a $0.677 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.71 dividend on an annualized basis and a dividend yield of 7.43%. This is an increase from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s payout ratio is currently 129.05%.

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.