Covea Finance Decreases Holdings in Enbridge Inc (NYSE:ENB)

Covea Finance decreased its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 529,120 shares of the pipeline company’s stock after selling 700 shares during the period. Covea Finance’s holdings in Enbridge were worth $23,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisor Resource Council purchased a new stake in Enbridge during the first quarter valued at approximately $727,000. Meriwether Wealth & Planning LLC lifted its position in Enbridge by 6.3% during the first quarter. Meriwether Wealth & Planning LLC now owns 10,448 shares of the pipeline company’s stock valued at $463,000 after acquiring an additional 615 shares during the last quarter. Abundance Wealth Counselors lifted its position in Enbridge by 6.7% during the first quarter. Abundance Wealth Counselors now owns 30,888 shares of the pipeline company’s stock valued at $1,356,000 after acquiring an additional 1,926 shares during the last quarter. Good Steward Wealth Advisors LLC purchased a new stake in Enbridge during the first quarter valued at approximately $637,000. Finally, Avior Wealth Management LLC lifted its position in Enbridge by 51.1% during the first quarter. Avior Wealth Management LLC now owns 8,777 shares of the pipeline company’s stock valued at $389,000 after acquiring an additional 2,970 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of analyst reports. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Monday, May 12th. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a report on Monday, May 12th. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Citigroup began coverage on shares of Enbridge in a report on Friday, April 4th. They issued a “buy” rating for the company. Finally, Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Enbridge currently has a consensus rating of “Hold” and an average target price of $67.00.

Enbridge Stock Down 0.6%

NYSE:ENB opened at $44.71 on Friday. The firm has a market capitalization of $97.47 billion, a P/E ratio of 23.04, a PEG ratio of 4.24 and a beta of 0.81. Enbridge Inc has a 1-year low of $34.61 and a 1-year high of $47.44. The company’s fifty day moving average price is $45.80 and its 200-day moving average price is $44.05. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $7.27 billion for the quarter, compared to analyst estimates of $10.20 billion. Enbridge had a net margin of 10.16% and a return on equity of 10.41%. During the same quarter in the prior year, the business earned $0.92 earnings per share. As a group, equities research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th were paid a $0.679 dividend. The ex-dividend date was Thursday, May 15th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 6.08%. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s dividend payout ratio is presently 139.69%.

About Enbridge

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.