6,798,824 Shares in Enbridge Inc (NYSE:ENB) Acquired by BlackRock Inc.
BlackRock Inc. acquired a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,798,824 shares of the pipeline company’s stock, valued at approximately $284,463,000. BlackRock Inc. owned 0.72% of Enbridge at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Enbridge by 82.9% in the first quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after buying an additional 17,671,076 shares during the last quarter. Bank of Montreal Can increased its position in shares of Enbridge by 72.4% in the first quarter. Bank of Montreal Can now owns 38,965,561 shares of the pipeline company’s stock valued at $1,630,318,000 after buying an additional 16,369,985 shares during the last quarter. TD Asset Management Inc. increased its position in shares of Enbridge by 28.2% in the first quarter. TD Asset Management Inc. now owns 41,491,668 shares of the pipeline company’s stock valued at $1,733,219,000 after buying an additional 9,123,400 shares during the last quarter. FMR LLC increased its position in shares of Enbridge by 30.6% in the first quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock valued at $1,444,626,000 after buying an additional 8,072,511 shares during the last quarter. Finally, State Farm Mutual Automobile Insurance Co. bought a new position in shares of Enbridge during the first quarter valued at $257,107,000. Institutional investors and hedge funds own 63.31% of the company’s stock.
Enbridge Inc (ENB) traded down 0.55% on Friday, hitting $41.53. The stock had a trading volume of 1,452,664 shares. The company has a market cap of $68.06 billion, a price-to-earnings ratio of 43.49 and a beta of 0.62. Enbridge Inc has a 52-week low of $37.37 and a 52-week high of $45.77. The company has a 50 day moving average price of $40.07 and a 200-day moving average price of $41.05.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.05. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.81 billion. Enbridge had a net margin of 4.06% and a return on equity of 8.23%. During the same quarter last year, the firm posted $0.50 earnings per share. On average, equities research analysts predict that Enbridge Inc will post $1.78 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.489 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.71%. This is an increase from Enbridge’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 11th. Enbridge’s dividend payout ratio is presently 208.14%.
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ENB has been the topic of several recent analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $44.00 price objective (down from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Wolfe Research began coverage on Enbridge in a research report on Friday, May 12th. They set a “market perform” rating and a $43.00 price objective on the stock. J P Morgan Chase & Co reissued a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Zacks Investment Research cut Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $54.00.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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