Addenda Capital Inc. Sells 26,655 Shares of Enbridge Inc $ENB

Addenda Capital Inc. lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.8% during the second quarter, Holdings Channel reports. The firm owned 1,448,383 shares of the pipeline company’s stock after selling 26,655 shares during the period. Enbridge makes up approximately 2.9% of Addenda Capital Inc.’s investment portfolio, making the stock its 9th largest position. Addenda Capital Inc.’s holdings in Enbridge were worth $65,641,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Enbridge by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company’s stock valued at $4,124,271,000 after acquiring an additional 1,569,879 shares during the period. GQG Partners LLC increased its holdings in shares of Enbridge by 1.5% in the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company’s stock valued at $3,338,405,000 after acquiring an additional 1,148,580 shares during the period. TD Asset Management Inc increased its holdings in shares of Enbridge by 1.3% in the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company’s stock valued at $1,737,602,000 after acquiring an additional 513,058 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after acquiring an additional 19,074,827 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Enbridge by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock valued at $781,792,000 after acquiring an additional 1,680,116 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Price Performance

Enbridge stock opened at $49.59 on Friday. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.15. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The firm’s 50-day simple moving average is $47.58 and its 200 day simple moving average is $45.87. The firm has a market capitalization of $108.15 billion, a PE ratio of 24.43, a P/E/G ratio of 4.54 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the prior year, the firm earned $0.58 EPS. On average, equities research analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.6839 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a yield of 5.5%. Enbridge’s dividend payout ratio is currently 134.98%.

Analysts Set New Price Targets

ENB has been the topic of several recent research reports. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Zacks Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Finally, Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.50.

Enbridge Profile

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.