Bank of Nova Scotia Decreases Stock Position in Enbridge Inc. (NYSE:ENB)

Bank of Nova Scotia lessened its stake in shares of Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 54.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,995,813 shares of the pipeline company's stock after selling 13,268,537 shares during the period. Enbridge comprises approximately 0.9% of Bank of Nova Scotia's investment portfolio, making the stock its 17th largest holding. Bank of Nova Scotia owned 0.50% of Enbridge worth $466,617,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Enbridge by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company's stock worth $3,888,507,000 after purchasing an additional 3,611,421 shares during the period. GQG Partners LLC increased its position in Enbridge by 2.1% during the 4th quarter. GQG Partners LLC now owns 74,290,740 shares of the pipeline company's stock worth $3,151,500,000 after buying an additional 1,495,742 shares during the period. TD Asset Management Inc. lifted its holdings in shares of Enbridge by 2.8% during the fourth quarter. TD Asset Management Inc. now owns 38,752,759 shares of the pipeline company's stock worth $1,643,935,000 after buying an additional 1,040,799 shares in the last quarter. Norges Bank bought a new stake in shares of Enbridge in the fourth quarter valued at about $909,415,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Enbridge by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company's stock valued at $655,556,000 after acquiring an additional 176,733 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

ENB has been the subject of several analyst reports. Royal Bank of Canada lifted their price objective on Enbridge from $63.00 to $67.00 and gave the company an "outperform" rating in a report on Tuesday, February 18th. TD Securities assumed coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a "buy" rating for the company. CIBC reissued an "outperform" rating on shares of Enbridge in a report on Wednesday, March 5th. Finally, Citigroup initiated coverage on shares of Enbridge in a report on Friday, April 4th. They set a "buy" rating for the company. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Trading Up 3.5 %

ENB traded up $1.46 during trading on Friday, hitting $43.28. The company's stock had a trading volume of 4,538,261 shares, compared to its average volume of 4,447,010. The firm has a market capitalization of $94.31 billion, a P/E ratio of 25.16, a PEG ratio of 3.92 and a beta of 0.80. Enbridge Inc. has a twelve month low of $32.86 and a twelve month high of $46.12. The stock's fifty day moving average price is $43.14 and its 200-day moving average price is $42.66. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same period last year, the business posted $0.64 EPS. Analysts anticipate that Enbridge Inc. will post 2.14 EPS for the current year.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.