CIBC Asset Management Inc Lowers Position in Enbridge Inc $ENB

CIBC Asset Management Inc lessened its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,898,857 shares of the pipeline company’s stock after selling 1,185,819 shares during the quarter. Enbridge makes up about 1.6% of CIBC Asset Management Inc’s investment portfolio, making the stock its 15th largest holding. CIBC Asset Management Inc owned about 0.64% of Enbridge worth $666,685,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ENB. Brighton Jones LLC purchased a new position in shares of Enbridge in the 4th quarter valued at approximately $261,000. AQR Capital Management LLC lifted its stake in shares of Enbridge by 68.5% in the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock valued at $1,264,000 after purchasing an additional 11,599 shares during the period. AXA S.A. lifted its stake in shares of Enbridge by 15.5% in the 2nd quarter. AXA S.A. now owns 113,887 shares of the pipeline company’s stock valued at $5,161,000 after purchasing an additional 15,259 shares during the period. Diversify Advisory Services LLC lifted its position in Enbridge by 93.1% during the 2nd quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company’s stock valued at $1,042,000 after acquiring an additional 10,617 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Enbridge by 80.1% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company’s stock valued at $3,553,000 after acquiring an additional 34,912 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 2.6%

ENB stock opened at $56.34 on Wednesday. Enbridge Inc has a 1-year low of $43.59 and a 1-year high of $58.45. The business has a fifty day moving average price of $54.47 and a 200-day moving average price of $51.16. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The stock has a market capitalization of $123.04 billion, a P/E ratio of 26.45 and a beta of 0.58.

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

Enbridge Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s payout ratio is presently 133.80%.

Analyst Ratings Changes

ENB has been the subject of a number of recent research reports. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. TD Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada lifted their price objective on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.50.

About Enbridge

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.