Cidel Asset Management Inc. Cuts Stock Holdings in Enbridge Inc (NYSE:ENB)

Cidel Asset Management Inc. trimmed its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 12.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,966 shares of the pipeline company’s stock after selling 7,524 shares during the period. Cidel Asset Management Inc.’s holdings in Enbridge were worth $2,300,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Enbridge in the 4th quarter worth about $909,415,000. Arrowstreet Capital Limited Partnership lifted its position in Enbridge by 396.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 12,047,004 shares of the pipeline company’s stock valued at $510,816,000 after buying an additional 9,621,425 shares in the last quarter. Blackstone Inc. grew its stake in Enbridge by 650.7% during the fourth quarter. Blackstone Inc. now owns 5,718,089 shares of the pipeline company’s stock worth $242,619,000 after buying an additional 4,956,379 shares during the period. Deutsche Bank AG increased its position in shares of Enbridge by 13.9% in the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company’s stock worth $1,541,745,000 after acquiring an additional 4,426,684 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Enbridge during the 4th quarter valued at $180,941,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada reiterated an “outperform” rating and set a $67.00 price objective on shares of Enbridge in a research note on Monday, May 12th. Citigroup assumed coverage on Enbridge in a report on Friday, April 4th. They set a “buy” rating on the stock. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a report on Monday, May 12th. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a research report on Wednesday, April 23rd. Finally, CIBC reissued an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and a consensus price target of $67.00.

Enbridge Stock Up 1.3%

Shares of Enbridge stock opened at $45.35 on Tuesday. 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 Inc has a 1-year low of $35.10 and a 1-year high of $47.44. The business’s fifty day moving average price is $45.82 and its two-hundred day moving average price is $44.16. The company has a market capitalization of $98.88 billion, a P/E ratio of 23.38, a PEG ratio of 4.22 and a beta of 0.81.

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

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were paid a dividend of $0.679 per share. The ex-dividend date of this dividend was Thursday, May 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.72 annualized dividend and a yield of 5.99%. Enbridge’s dividend payout ratio is currently 140.21%.

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.