Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 384,481 shares of the pipeline company’s stock after selling 9,570 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Enbridge were worth $13,737,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. Nomura Asset Management Co. Ltd. increased its holdings in Enbridge by 7.1% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 106,327 shares of the pipeline company’s stock valued at $3,795,000 after buying an additional 7,077 shares during the period. Nicola Wealth Management LTD. increased its holdings in Enbridge by 7.7% in the 2nd quarter. Nicola Wealth Management LTD. now owns 266,500 shares of the pipeline company’s stock valued at $12,526,000 after buying an additional 19,000 shares during the period. Pekin Singer Strauss Asset Management IL bought a new position in Enbridge in the 2nd quarter valued at about $412,000. Sei Investments Co. increased its holdings in Enbridge by 25.3% in the 2nd quarter. Sei Investments Co. now owns 290,891 shares of the pipeline company’s stock valued at $10,382,000 after buying an additional 58,650 shares during the period. Finally, Arcadia Investment Management Corp MI increased its holdings in Enbridge by 81.4% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 4,457 shares of the pipeline company’s stock valued at $159,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 60.17% of the company’s stock.
Several equities analysts have commented on the stock. ValuEngine lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. CIBC lowered shares of Enbridge to a “buy” rating and set a $57.00 target price on the stock. in a report on Tuesday, May 22nd. BMO Capital Markets decreased their target price on shares of Enbridge from $61.00 to $59.00 and set an “outperform” rating on the stock in a report on Thursday, June 14th. Zacks Investment Research lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, May 8th. Finally, Morgan Stanley raised their target price on shares of Enbridge from $34.00 to $37.00 and gave the company an “equal weight” rating in a report on Friday, July 13th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. Enbridge currently has a consensus rating of “Hold” and a consensus price target of $51.75.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, May 10th. The pipeline company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.34. The company had revenue of $12.73 billion for the quarter, compared to analyst estimates of $10.29 billion. Enbridge had a net margin of 5.99% and a return on equity of 8.47%. During the same period in the previous year, the firm posted $0.57 EPS. equities research analysts forecast that Enbridge Inc will post 1.98 EPS for the current year.
The business also recently declared a dividend, which will be paid on Saturday, September 1st. Investors of record on Wednesday, August 15th will be issued a dividend of $0.516 per share. The ex-dividend date of this dividend is Tuesday, August 14th. This is a positive change from Enbridge’s previous dividend of $0.33. Enbridge’s payout ratio is 135.06%.
Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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