Cumberland Partners Ltd Acquires 9,558 Shares of Enbridge Inc $ENB

Cumberland Partners Ltd increased its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 66.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,900 shares of the pipeline company’s stock after acquiring an additional 9,558 shares during the quarter. Cumberland Partners Ltd’s holdings in Enbridge were worth $1,292,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ENB. Vanguard Group Inc. increased its holdings in shares of Enbridge by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after purchasing an additional 2,067,516 shares during the period. Norges Bank bought a new stake in shares of Enbridge in the fourth quarter valued at about $1,195,559,000. Geode Capital Management LLC lifted its stake in shares of Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after buying an additional 1,415,995 shares during the period. Legal & General Group Plc grew its position in Enbridge by 4.6% during the fourth 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 in the last quarter. Finally, Mackenzie Financial Corp grew its position in Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company’s stock worth $870,577,000 after buying an additional 844,594 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

NYSE:ENB opened at $56.84 on Friday. Enbridge Inc has a 12-month low of $44.58 and a 12-month high of $58.45. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. The firm has a market capitalization of $124.13 billion, a PE ratio of 26.68 and a beta of 0.58. The firm has a 50-day moving average price of $55.73 and a 200 day moving average price of $53.24.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period in the previous year, the business earned $1.03 earnings per share. Research analysts anticipate that Enbridge Inc will post 2.13 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 6.8%. The ex-dividend date was Friday, May 15th. Enbridge’s dividend payout ratio (DPR) is 133.80%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. TD Securities restated a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Royal Bank Of Canada boosted their price objective on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Finally, Scotiabank restated an “outperform” rating on shares of Enbridge in a research note on Tuesday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average 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.