Enbridge Inc $ENB Shares Acquired by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. increased its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 71.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 492,221 shares of the pipeline company’s stock after acquiring an additional 205,215 shares during the period. Harvest Portfolios Group Inc.’s holdings in Enbridge were worth $24,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new stake in Enbridge in the third quarter valued at $205,000. Argent Trust Co increased its holdings in shares of Enbridge by 0.3% in the 3rd quarter. Argent Trust Co now owns 123,414 shares of the pipeline company’s stock worth $6,227,000 after acquiring an additional 392 shares during the period. Mosaic Family Wealth Partners LLC bought a new stake in Enbridge in the 3rd quarter valued at about $212,000. Ninepoint Partners LP boosted its stake in Enbridge by 154.1% during the 3rd quarter. Ninepoint Partners LP now owns 262,660 shares of the pipeline company’s stock valued at $13,254,000 after purchasing an additional 159,301 shares during the period. Finally, Clare Market Investments LLC grew its position in Enbridge by 12.2% in the 3rd quarter. Clare Market Investments LLC now owns 28,774 shares of the pipeline company’s stock worth $1,452,000 after purchasing an additional 3,125 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. National Bank Financial reaffirmed a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Citigroup restated a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Royal Bank Of Canada raised their price target on Enbridge from $72.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, February 17th. Finally, Weiss Ratings raised shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Enbridge Stock Up 1.8%

NYSE ENB opened at $53.17 on Friday. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $54.19. The company has a market capitalization of $116.00 billion, a P/E ratio of 23.12 and a beta of 0.69. The company’s 50 day simple moving average is $48.95 and its 200 day simple moving average is $48.36. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.63 and a quick ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The firm had revenue of $17.18 billion during the quarter, compared to analysts’ expectations of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same period last year, the firm posted $0.75 earnings per share. Equities research analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.3%. This is a boost from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s payout ratio is presently 120.87%.

About Enbridge

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.