Massachusetts Financial Services Co. MA Reduces Stake in Enbridge Inc $ENB

Massachusetts Financial Services Co. MA lowered its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 10.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,641,220 shares of the pipeline company’s stock after selling 408,846 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Enbridge were worth $183,736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ENB. Vanguard Group Inc. raised its position in Enbridge by 3.5% in the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after acquiring an additional 3,217,961 shares during the period. TD Asset Management Inc lifted its position in Enbridge by 1.6% during the second quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company’s stock valued at $1,804,913,000 after purchasing an additional 617,577 shares in the last quarter. Norges Bank bought a new stake in Enbridge during the second quarter valued at about $1,113,368,000. Legal & General Group Plc grew its holdings in Enbridge by 1.1% during the second quarter. Legal & General Group Plc now owns 18,861,475 shares of the pipeline company’s stock valued at $853,669,000 after purchasing an additional 207,243 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after acquiring an additional 2,989,992 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of analyst reports. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Zacks Research upgraded Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. CIBC cut Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Finally, Royal Bank Of Canada lifted their target price on Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Enbridge Trading Up 1.6%

Shares of Enbridge stock opened at $47.57 on Tuesday. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. The business has a 50-day moving average price of $47.46 and a 200-day moving average price of $47.38. The firm has a market cap of $103.79 billion, a price-to-earnings ratio of 26.14 and a beta of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a net margin of 9.20% and a return on equity of 10.51%. The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the company posted $0.55 earnings per share. Equities research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be given a $0.97 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a yield of 8.2%. The ex-dividend date is Tuesday, February 17th. Enbridge’s dividend payout ratio (DPR) is presently 147.80%.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.