Burgundy Asset Management Ltd. grew its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 38.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,072,370 shares of the pipeline company’s stock after purchasing an additional 1,964,276 shares during the period. Enbridge makes up 2.5% of Burgundy Asset Management Ltd.’s portfolio, making the stock its 11th biggest position. Burgundy Asset Management Ltd.’s holdings in Enbridge were worth $277,144,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH raised its holdings in shares of Enbridge by 3.6% during the fourth quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 305,430 shares of the pipeline company’s stock worth $12,033,000 after acquiring an additional 10,519 shares in the last quarter. DAVENPORT & Co LLC raised its holdings in shares of Enbridge by 38.2% during the fourth quarter. DAVENPORT & Co LLC now owns 1,321,105 shares of the pipeline company’s stock worth $51,668,000 after acquiring an additional 365,415 shares in the last quarter. Capital International Investors raised its holdings in shares of Enbridge by 7.8% during the third quarter. Capital International Investors now owns 41,164,593 shares of the pipeline company’s stock worth $1,721,048,000 after acquiring an additional 2,984,467 shares in the last quarter. Capital City Trust Co. FL raised its holdings in shares of Enbridge by 19.9% during the fourth quarter. Capital City Trust Co. FL now owns 22,936 shares of the pipeline company’s stock worth $959,000 after acquiring an additional 3,804 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC raised its holdings in shares of Enbridge by 0.6% during the third quarter. Global X MANAGEMENT CO LLC now owns 676,054 shares of the pipeline company’s stock worth $28,286,000 after acquiring an additional 4,162 shares in the last quarter. Institutional investors own 64.78% of the company’s stock.
In other Enbridge news, Director Michael E. J. Phelps sold 18,054 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $34.00, for a total transaction of $613,836.00. Following the transaction, the director now directly owns 56,245 shares in the company, valued at $1,912,330. The transaction was disclosed in a filing with the SEC, which is available through this link.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.5278 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.47. This represents a $2.11 annualized dividend and a yield of 6.25%. The ex-dividend date of this dividend is Wednesday, February 14th. Enbridge’s dividend payout ratio (DPR) is 150.36%.
Several brokerages recently issued reports on ENB. Zacks Investment Research upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Monday, December 4th. Bank of America began coverage on Enbridge in a report on Tuesday, January 9th. They set a “neutral” rating for the company. Morgan Stanley cut their price objective on Enbridge from $43.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, November 17th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $54.00 price objective on shares of Enbridge in a report on Thursday, November 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Enbridge currently has an average rating of “Hold” and an average target price of $51.25.
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Enbridge Company Profile
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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