Tidal Investments LLC Reduces Holdings in Enbridge Inc. (NYSE:ENB)

Tidal Investments LLC reduced its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 41,264 shares of the pipeline company’s stock after selling 2,546 shares during the quarter. Tidal Investments LLC’s holdings in Enbridge were worth $1,751,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in ENB. Metis Global Partners LLC grew its holdings in shares of Enbridge by 4.0% during the 4th quarter. Metis Global Partners LLC now owns 206,921 shares of the pipeline company’s stock worth $8,782,000 after purchasing an additional 7,986 shares during the period. Aviso Financial Inc. raised its position in Enbridge by 4.3% in the 4th quarter. Aviso Financial Inc. now owns 1,417,584 shares of the pipeline company’s stock valued at $60,152,000 after purchasing an additional 58,176 shares in the last quarter. Vanguard Group Inc. raised its position in Enbridge by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock valued at $3,888,507,000 after purchasing an additional 3,611,421 shares in the last quarter. Sound Income Strategies LLC raised its position in Enbridge by 8.6% in the 4th quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock valued at $26,808,000 after purchasing an additional 49,800 shares in the last quarter. Finally, Greenland Capital Management LP raised its position in Enbridge by 189.1% in the 4th quarter. Greenland Capital Management LP now owns 35,410 shares of the pipeline company’s stock valued at $1,502,000 after purchasing an additional 23,160 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ENB has been the topic of a number of analyst reports. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Monday, May 12th. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a research report on Wednesday, March 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $67.00 price target on shares of Enbridge in a research report on Monday, May 12th. Citigroup started coverage on Enbridge in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Finally, Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Enbridge currently has an average rating of “Hold” and an average target price of $67.00.

Enbridge Stock Performance

Shares of ENB stock opened at $46.04 on Friday. The stock has a fifty day moving average price of $44.74 and a 200 day moving average price of $43.60. The stock has a market cap of $100.37 billion, a PE ratio of 26.77, a P/E/G ratio of 3.92 and a beta of 0.84. Enbridge Inc. has a 1 year low of $34.60 and a 1 year high of $47.08. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The company had revenue of $7.27 billion during the quarter, compared to analysts’ expectations of $10.20 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. Sell-side analysts forecast that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th will be issued a $0.679 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 5.90%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Thursday, May 15th. Enbridge’s payout ratio is 139.69%.

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.