Canada Pension Plan Investment Board Sells 2,995,759 Shares of Enbridge Inc $ENB

Canada Pension Plan Investment Board trimmed its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 21.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. 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’s holdings in Enbridge were worth $585,113,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ENB. Vanguard Group Inc. lifted its holdings in shares of Enbridge by 2.1% in the 4th 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 last quarter. Deutsche Bank AG purchased a new position in shares of Enbridge during the 2nd quarter worth approximately $1,850,502,000. Norges Bank purchased a new position in Enbridge in the fourth quarter worth $1,195,559,000. Geode Capital Management LLC lifted its stake in shares of Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Enbridge by 18.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock worth $1,117,353,000 after acquiring an additional 3,205,322 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ENB shares. Wolfe Research set a $50.00 target price on Enbridge in a research note on Tuesday, August 4th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and an average target price of $67.00.

Enbridge Trading Down 0.7%

NYSE ENB opened at $49.74 on Wednesday. The stock’s 50 day moving average price is $53.90 and its two-hundred day moving average price is $54.03. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The stock has a market capitalization of $108.63 billion, a price-to-earnings ratio of 26.60 and a beta of 0.58. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $9.70 billion during the quarter, compared to analysts’ expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, 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. Stockholders 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 dividend yield of 7.8%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s payout ratio is presently 147.06%.

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.