Forsta AP Fonden Takes $43.77 Million Position in Enbridge Inc (ENB)
Forsta AP Fonden purchased a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the fourth quarter, HoldingsChannel reports. The firm purchased 1,115,500 shares of the pipeline company’s stock, valued at approximately $43,767,000. Enbridge accounts for approximately 1.6% of Forsta AP Fonden’s investment portfolio, making the stock its 12th biggest holding.
Other institutional investors also recently modified their holdings of the company. Capital International Investors increased its stake in shares of Enbridge by 7.8% in the third quarter. Capital International Investors now owns 41,164,593 shares of the pipeline company’s stock worth $1,721,048,000 after acquiring an additional 2,984,467 shares during the period. CIBC Asset Management Inc increased its stake in shares of Enbridge by 11.5% in the fourth quarter. CIBC Asset Management Inc now owns 21,964,753 shares of the pipeline company’s stock worth $862,620,000 after acquiring an additional 2,260,733 shares during the period. APG Asset Management N.V. increased its stake in shares of Enbridge by 149.5% in the fourth quarter. APG Asset Management N.V. now owns 2,513,142 shares of the pipeline company’s stock worth $82,093,000 after acquiring an additional 1,505,803 shares during the period. TD Asset Management Inc. increased its stake in shares of Enbridge by 3.4% in the third quarter. TD Asset Management Inc. now owns 44,896,840 shares of the pipeline company’s stock worth $1,871,055,000 after acquiring an additional 1,495,767 shares during the period. Finally, Burgundy Asset Management Ltd. increased its stake in shares of Enbridge by 40.5% in the second quarter. Burgundy Asset Management Ltd. now owns 4,502,208 shares of the pipeline company’s stock worth $179,227,000 after acquiring an additional 1,298,717 shares during the period. Institutional investors and hedge funds own 62.62% of the company’s stock.
ENB has been the topic of a number of research reports. Zacks Investment Research lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Tuesday, October 31st. GMP Securities lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Bank of America initiated coverage on shares of Enbridge in a research note on Tuesday, January 9th. They issued a “neutral” rating on the stock. Morgan Stanley cut their price objective on shares of Enbridge from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Friday, November 17th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $54.00 price objective on shares of Enbridge in a research note on Thursday, November 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.25.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be issued a dividend of $0.5278 per share. The ex-dividend date is Wednesday, February 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.47. This represents a $2.11 dividend on an annualized basis and a yield of 6.03%. Enbridge’s dividend payout ratio is 120.76%.
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Enbridge Company Profile
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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