Maryland State Retirement & Pension System Reduces Stock Position in Enbridge Inc $ENB

Maryland State Retirement & Pension System lessened its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,723,345 shares of the pipeline company’s stock after selling 149,496 shares during the period. Enbridge accounts for 2.7% of Maryland State Retirement & Pension System’s holdings, making the stock its 4th biggest position. Maryland State Retirement & Pension System’s holdings in Enbridge were worth $130,381,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares during the period. TD Asset Management Inc increased its position in Enbridge by 0.3% during the 3rd quarter. TD Asset Management Inc now owns 40,021,291 shares of the pipeline company’s stock worth $2,019,473,000 after buying an additional 137,897 shares during the period. Norges Bank bought a new position in Enbridge during the 4th quarter worth $1,195,559,000. Geode Capital Management LLC increased its position in Enbridge by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock worth $1,045,172,000 after buying an additional 1,415,995 shares during the period. Finally, Legal & General Group Plc increased its position in Enbridge by 4.6% during the 4th quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after buying an additional 858,323 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Down 0.5%

Shares of NYSE ENB opened at $55.68 on Wednesday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. Enbridge Inc has a 52 week low of $43.59 and a 52 week high of $58.45. The stock has a market capitalization of $121.59 billion, a P/E ratio of 26.14 and a beta of 0.58. The stock’s fifty day moving average is $54.90 and its 200 day moving average is $51.79.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same quarter last year, the business earned $1.03 earnings per share. Sell-side analysts forecast that Enbridge Inc will post 2.18 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.0%. Enbridge’s dividend payout ratio (DPR) is presently 133.80%.

Wall Street Analyst Weigh In

ENB has been the topic of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Royal Bank Of Canada increased their price objective on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Finally, Raymond James Financial upgraded Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Company 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.