Principal Financial Group Inc. Decreases Stock Holdings in Enbridge Inc $ENB

Principal Financial Group Inc. reduced its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 21.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 288,722 shares of the pipeline company’s stock after selling 77,362 shares during the quarter. Principal Financial Group Inc.’s holdings in Enbridge were worth $15,604,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Exchange Traded Concepts LLC increased its position in shares of Enbridge by 3.9% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company’s stock worth $53,652,000 after purchasing an additional 41,601 shares during the last quarter. Third View Private Wealth LLC acquired a new position in Enbridge in the fourth quarter valued at about $3,691,000. Vanguard Group Inc. boosted its stake in Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after buying an additional 2,067,516 shares during the period. RNC Capital Management LLC increased its position in shares of Enbridge by 1.6% during the fourth quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company’s stock valued at $69,196,000 after acquiring an additional 22,637 shares during the last quarter. Finally, Intact Investment Management Inc. increased its position in shares of Enbridge by 22.8% during the fourth quarter. Intact Investment Management Inc. now owns 987,976 shares of the pipeline company’s stock valued at $47,275,000 after acquiring an additional 183,163 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 topic of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Royal Bank Of Canada boosted their target price on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. TD Securities restated a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Tuesday. Finally, Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Enbridge presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Stock Performance

NYSE:ENB opened at $56.38 on Friday. Enbridge Inc has a 52 week low of $44.58 and a 52 week high of $58.45. The company has a fifty day simple moving average of $55.70 and a two-hundred day simple moving average of $53.22. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. The company has a market cap of $123.13 billion, a price-to-earnings ratio of 26.47 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period last year, the firm earned $1.03 earnings per share. As a group, equities analysts anticipate that Enbridge Inc will post 2.13 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 6.9%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

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.