M&T Bank Corp Purchases 26,975 Shares of Enbridge Inc $ENB

M&T Bank Corp boosted its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 583,828 shares of the pipeline company’s stock after purchasing an additional 26,975 shares during the period. M&T Bank Corp’s holdings in Enbridge were worth $29,459,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Enbridge during the second quarter worth about $1,113,368,000. Canada Pension Plan Investment Board raised its holdings in Enbridge by 38.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after buying an additional 3,687,334 shares during the last quarter. Vanguard Group Inc. raised its holdings in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after buying an additional 3,217,961 shares during the last quarter. Geode Capital Management LLC boosted its position in Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after buying an additional 2,989,992 shares during the period. Finally, Picton Mahoney Asset Management bought a new stake in Enbridge during the 2nd quarter worth approximately $132,105,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Up 0.9%

Enbridge stock opened at $54.09 on Friday. The firm has a market cap of $118.02 billion, a price-to-earnings ratio of 23.52 and a beta of 0.67. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $54.42. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.55 and a current ratio of 0.63. The firm has a 50 day moving average price of $50.21 and a two-hundred day moving average price of $48.80.

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

Analyst Ratings Changes

Several equities analysts have issued reports on ENB shares. Raymond James Financial upgraded shares of Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. JPMorgan Chase & Co. cut shares of Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a report on Tuesday, February 17th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Finally, TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Enbridge 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.