Investment Management Corp of Ontario Has $22.13 Million Position in Enbridge Inc $ENB

Investment Management Corp of Ontario raised its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 67.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 462,647 shares of the pipeline company’s stock after acquiring an additional 186,703 shares during the period. Investment Management Corp of Ontario’s holdings in Enbridge were worth $22,128,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ENB. Triumph Capital Management bought a new stake in Enbridge during the third quarter valued at about $26,000. Turning Point Benefit Group Inc. bought a new stake in Enbridge during the third quarter valued at about $28,000. Garner Asset Management Corp bought a new stake in Enbridge during the fourth quarter valued at about $30,000. Imprint Wealth LLC bought a new position in shares of Enbridge during the 3rd quarter worth about $31,000. Finally, Tucker Asset Management LLC bought a new position in shares of Enbridge during the 4th quarter worth about $38,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Price Performance

Shares of Enbridge stock opened at $54.50 on Thursday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The firm’s 50-day simple moving average is $54.91 and its 200-day simple moving average is $51.83. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $58.45. The firm has a market cap of $119.00 billion, a P/E ratio of 25.59 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued 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 business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period in the previous year, the business earned $1.03 EPS. As a group, research analysts expect that Enbridge Inc will post 2.18 EPS for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 7.1%. Enbridge’s payout ratio is presently 133.80%.

Wall Street Analyst Weigh In

ENB has been the topic of several research reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Scotiabank restated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Royal Bank Of Canada boosted their price objective on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

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.