Enbridge Inc $ENB Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,428,310 shares of the pipeline company’s stock after selling 1,541,431 shares during the quarter. Legal & General Group Plc owned 0.80% of Enbridge worth $944,782,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ENB. Deutsche Bank AG acquired a new position in Enbridge during the 2nd quarter worth $1,850,502,000. Norges Bank purchased a new position in shares of Enbridge in the 4th quarter valued at about $1,195,559,000. Ontario Teachers Pension Plan Board purchased a new position in shares of Enbridge in the 2nd quarter valued at about $467,782,000. Auto Owners Insurance Co grew its position in shares of Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after buying an additional 8,387,721 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Enbridge during the second quarter worth about $412,627,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ENB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a report on Wednesday, August 19th. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Finally, US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Enbridge presently has an average rating of “Hold” and an average price target of $67.00.

Enbridge Price Performance

ENB stock opened at $50.08 on Tuesday. The business has a 50 day moving average price of $54.02 and a 200 day moving average price of $54.04. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The stock has a market cap of $109.37 billion, a price-to-earnings ratio of 26.78 and a beta of 0.58. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The company had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the firm posted $0.65 earnings per share. Equities research analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is 147.06%.

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.