Brookfield Corp ON Purchases 971,764 Shares of Enbridge Inc. (NYSE:ENB)

Brookfield Corp ON boosted its holdings in Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 5,337.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 989,969 shares of the pipeline company's stock after buying an additional 971,764 shares during the period. Brookfield Corp ON's holdings in Enbridge were worth $40,203,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. TruNorth Capital Management LLC purchased a new position in shares of Enbridge in the second quarter worth $28,000. William B. Walkup & Associates Inc. bought a new stake in Enbridge in the 2nd quarter valued at $28,000. Grove Bank & Trust lifted its stake in Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company's stock worth $31,000 after purchasing an additional 279 shares in the last quarter. MFA Wealth Advisors LLC boosted its holdings in shares of Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 280 shares during the last quarter. Finally, Fortitude Family Office LLC purchased a new position in shares of Enbridge during the third quarter valued at about $35,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Down 1.8 %

Shares of Enbridge stock traded down $0.78 on Friday, reaching $43.14. The company had a trading volume of 4,658,510 shares, compared to its average volume of 4,341,864. The firm has a market cap of $93.96 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 4.30 and a beta of 0.94. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The firm's 50-day moving average price is $41.89 and its two-hundred day moving average price is $39.11. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $44.13.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The business had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. As a group, research analysts predict that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.21%. Enbridge's payout ratio is 124.07%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ENB shares. Wells Fargo & Company upgraded Enbridge from an "underweight" rating to an "equal weight" rating in a research report on Wednesday, November 6th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $63.00 price objective (up previously from $59.00) on shares of Enbridge in a research note on Wednesday. Morgan Stanley began coverage on Enbridge in a research report on Friday, October 25th. They set an "equal weight" rating for the company. Finally, Jefferies Financial Group cut shares of Enbridge from a "buy" rating to a "hold" rating in a research report on Monday, September 30th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Enbridge has an average rating of "Hold" and a consensus target price of $63.00.

About Enbridge

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.