Investment Management Corp of Ontario Purchases 186,703 Shares of Enbridge Inc $ENB

Investment Management Corp of Ontario increased its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 67.7% during the 4th quarter, HoldingsChannel reports. The fund owned 462,647 shares of the pipeline company’s stock after purchasing an additional 186,703 shares during the quarter. Investment Management Corp of Ontario’s holdings in Enbridge were worth $22,128,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Triumph Capital Management bought a new stake in shares of Enbridge during the 3rd quarter valued at $26,000. Turning Point Benefit Group Inc. acquired a new position in Enbridge during the third quarter valued at approximately $28,000. Garner Asset Management Corp acquired a new position in Enbridge during the fourth quarter valued at approximately $30,000. Imprint Wealth LLC acquired a new position in Enbridge during the third quarter valued at approximately $31,000. Finally, Tucker Asset Management LLC acquired a new stake in Enbridge during the 4th quarter worth $38,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Scotiabank restated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Royal Bank Of Canada lifted their price target on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Finally, Citigroup reiterated a “buy” rating on shares of Enbridge in a report on Thursday, February 19th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Price Performance

Shares of NYSE ENB opened at $54.50 on Thursday. The business’s 50 day moving average price is $54.91 and its two-hundred day moving average price is $51.83. The company has a market cap of $119.00 billion, a PE ratio of 25.59 and a beta of 0.58. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. On average, analysts predict that Enbridge Inc will post 2.18 EPS for the current year.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders 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 annualized dividend and a dividend yield of 7.1%. Enbridge’s dividend payout ratio is presently 133.80%.

About Enbridge

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.