Founders Financial Securities LLC Reduces Position in Enbridge Inc $ENB

Founders Financial Securities LLC lessened its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 35.0% in the 4th quarter, Holdings Channel reports. The fund owned 48,439 shares of the pipeline company’s stock after selling 26,042 shares during the quarter. Founders Financial Securities LLC’s holdings in Enbridge were worth $2,317,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ENB. Norges Bank purchased a new stake in Enbridge during the 4th quarter valued at about $1,195,559,000. Bank of Nova Scotia grew its stake in shares of Enbridge by 118.0% in the 3rd quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock valued at $480,518,000 after buying an additional 5,157,030 shares during the period. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 2,067,516 shares during the period. Raymond James Financial Inc. grew its stake in shares of Enbridge by 43.7% in the 3rd quarter. Raymond James Financial Inc. now owns 6,633,703 shares of the pipeline company’s stock valued at $334,737,000 after buying an additional 2,016,674 shares during the period. Finally, ANTIPODES PARTNERS Ltd purchased a new stake in shares of Enbridge in the 3rd quarter valued at approximately $88,407,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on ENB shares. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, May 24th. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. TD Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Citigroup reissued a “buy” rating on shares of Enbridge in a research note on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Stock Performance

NYSE:ENB opened at $54.75 on Monday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The stock has a market capitalization of $119.56 billion, a P/E ratio of 25.71 and a beta of 0.58. The company has a 50 day moving average price of $54.45 and a 200 day moving average price of $51.12. Enbridge Inc has a fifty-two week low of $43.59 and a fifty-two week high of $58.45.

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

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.1%. Enbridge’s dividend payout ratio (DPR) is presently 133.80%.

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.