Geode Capital Management LLC Increases Stock Position in Enbridge Inc. (NYSE:ENB)

Geode Capital Management LLC raised its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 12.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,850,364 shares of the pipeline company’s stock after buying an additional 531,695 shares during the quarter. Geode Capital Management LLC owned about 0.24% of Enbridge worth $193,946,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Isthmus Partners LLC bought a new position in shares of Enbridge during the second quarter valued at $26,000. Corsicana & Co. bought a new position in shares of Enbridge during the second quarter valued at $29,000. Harbour Investments Inc. bought a new position in shares of Enbridge during the first quarter valued at $36,000. Moisand Fitzgerald Tamayo LLC bought a new position in shares of Enbridge during the second quarter valued at $41,000. Finally, Vigilant Capital Management LLC increased its holdings in Enbridge by 95.3% in the 2nd quarter. Vigilant Capital Management LLC now owns 1,172 shares of the pipeline company’s stock worth $47,000 after buying an additional 572 shares in the last quarter. 48.05% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts recently commented on the company. The Goldman Sachs Group lifted their price objective on Enbridge from C$41.00 to C$43.00 and gave the stock a “neutral” rating in a report on Monday, September 13th. Royal Bank of Canada lifted their price objective on Enbridge from C$56.00 to C$57.00 and gave the stock an “outperform” rating in a report on Wednesday, September 8th. Credit Suisse Group upgraded Enbridge from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $52.00 to $55.00 in a report on Thursday, June 17th. CIBC boosted their price target on Enbridge from C$57.00 to C$58.00 and gave the company an “outperform” rating in a research note on Wednesday, September 8th. Finally, Wells Fargo & Company boosted their price target on Enbridge from $53.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, September 29th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Enbridge has a consensus rating of “Buy” and an average target price of $52.46.

NYSE ENB opened at $42.11 on Thursday. The stock’s 50 day moving average is $39.75 and its 200 day moving average is $39.14. The company has a current ratio of 0.60, a quick ratio of 0.49 and a debt-to-equity ratio of 1.10. Enbridge Inc. has a 12 month low of $26.97 and a 12 month high of $42.11. The stock has a market cap of $85.31 billion, a PE ratio of 18.15, a P/E/G ratio of 2.98 and a beta of 0.86.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Thursday, July 29th. The pipeline company reported $0.67 EPS for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.11. Enbridge had a return on equity of 9.24% and a net margin of 14.99%. The company had revenue of $8.91 billion for the quarter, compared to analysts’ expectations of $9 billion. During the same period in the previous year, the firm earned $0.56 EPS. On average, analysts forecast that Enbridge Inc. will post 2.23 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Investors of record on Friday, August 13th were issued a $0.6645 dividend. The ex-dividend date was Thursday, August 12th. This represents a $2.66 dividend on an annualized basis and a yield of 6.31%. Enbridge’s dividend payout ratio is presently 147.51%.

Enbridge Company Profile

Enbridge, Inc engages in the provision of gas and oil businesses. It operates through the following segments: Liquid Pipelines, Gas Distribution & Storage, Gas Transmission & Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.

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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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