Viking Fund Management LLC Has $13,711,000 Position in Enbridge Inc. (ENB)
Viking Fund Management LLC continued to hold its stake in shares of Enbridge Inc. (NYSE:ENB) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,000 shares of the company’s stock at the end of the third quarter. Enbridge accounts for 2.2% of Viking Fund Management LLC’s holdings, making the stock its 18th largest position. Viking Fund Management LLC’s holdings in Enbridge were worth $13,711,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its stake in shares of Enbridge by 142.6% in the first quarter. Envestnet Asset Management Inc. now owns 29,064 shares of the company’s stock worth $1,131,000 after buying an additional 17,085 shares during the period. Legal & General Group Plc increased its stake in shares of Enbridge by 2.0% in the first quarter. Legal & General Group Plc now owns 5,953,022 shares of the company’s stock worth $232,693,000 after buying an additional 115,175 shares during the period. AMP Capital Investors Ltd increased its stake in shares of Enbridge by 22.9% in the first quarter. AMP Capital Investors Ltd now owns 2,607,554 shares of the company’s stock worth $100,979,000 after buying an additional 485,672 shares during the period. Sentry Investments Corp. increased its stake in shares of Enbridge by 4.8% in the first quarter. Sentry Investments Corp. now owns 902,705 shares of the company’s stock worth $45,641,000 after buying an additional 41,700 shares during the period. Finally, AXA increased its stake in shares of Enbridge by 2.0% in the first quarter. AXA now owns 189,957 shares of the company’s stock worth $7,425,000 after buying an additional 3,792 shares during the period. 66.77% of the stock is owned by institutional investors and hedge funds.
Shares of Enbridge Inc. (NYSE:ENB) traded up 1.46% during trading on Thursday, hitting $44.33. The stock had a trading volume of 1,191,457 shares. Enbridge Inc. has a 12-month low of $27.43 and a 12-month high of $45.77. The firm has a market cap of $41.41 billion, a price-to-earnings ratio of 40.41 and a beta of 0.64. The stock has a 50-day moving average of $42.92 and a 200 day moving average of $41.36.
Enbridge (NYSE:ENB) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Enbridge had a net margin of 4.29% and a return on equity of 12.96%. During the same quarter in the previous year, the company posted $0.60 EPS. On average, analysts predict that Enbridge Inc. will post $1.77 earnings per share for the current fiscal year.
A number of equities analysts have recently weighed in on ENB shares. Scotiabank reiterated an “outperform” rating and set a $61.00 price target on shares of Enbridge in a report on Friday, September 9th. Goldman Sachs Group Inc. upgraded Enbridge from a “neutral” rating to a “buy” rating and increased their price target for the stock from $43.00 to $48.00 in a report on Wednesday, September 7th. National Bank Financial upgraded Enbridge from a “sector perform” rating to an “outperform” rating in a report on Wednesday, September 7th. Zacks Investment Research cut Enbridge from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $64.00 price target on shares of Enbridge in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Enbridge has a consensus rating of “Buy” and an average target price of $56.50.
Enbridge Company Profile
Enbridge Inc (Enbridge) is an energy transportation and distribution company. The Company operates through five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. The Company operates the crude oil and liquids transportation system in Canada and the United States.
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