Jennison Associates LLC grew its holdings in Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 76.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 999,358 shares of the pipeline company's stock after purchasing an additional 433,901 shares during the period. Jennison Associates LLC's holdings in Enbridge were worth $42,397,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. McIlrath & Eck LLC raised its stake in shares of Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company's stock valued at $28,000 after acquiring an additional 295 shares in the last quarter. Albion Financial Group UT bought a new position in shares of Enbridge during the 4th quarter worth $29,000. Grove Bank & Trust lifted its position in shares of 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 during the period. MFA Wealth Advisors LLC boosted its stake in shares of Enbridge by 55.6% during the third 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 in the last quarter. Finally, Fortitude Family Office LLC purchased a new position in Enbridge during the third quarter valued at approximately $35,000. Institutional investors own 54.60% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on ENB. TD Securities initiated coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a "buy" rating for the company. Royal Bank of Canada restated an "outperform" rating and set a $63.00 target price (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They issued an "equal weight" rating for the company. Finally, Wells Fargo & Company upgraded shares of Enbridge from an "underweight" rating to an "equal weight" rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $63.00.
Read Our Latest Research Report on ENB
Enbridge Trading Up 0.5 %
Shares of ENB traded up $0.24 during midday trading on Wednesday, reaching $43.96. The company had a trading volume of 3,917,101 shares, compared to its average volume of 3,998,095. The stock has a market cap of $95.76 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 4.02 and a beta of 0.94. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $45.78. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The firm has a 50 day simple moving average of $43.13 and a 200-day simple moving average of $41.32.
Enbridge Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 6.10%. Enbridge's dividend payout ratio (DPR) is currently 124.07%.
About Enbridge
(
Free Report)
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.
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