JPMorgan Chase & Co. Cuts Stake in Enbridge Inc $ENB

JPMorgan Chase & Co. reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,303,764 shares of the pipeline company’s stock after selling 1,662,895 shares during the period. JPMorgan Chase & Co.’s holdings in Enbridge were worth $731,979,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Enbridge by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after acquiring an additional 2,067,516 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Enbridge by 0.3% in the third quarter. TD Asset Management Inc now owns 40,021,291 shares of the pipeline company’s stock worth $2,019,473,000 after acquiring an additional 137,897 shares during the last quarter. Norges Bank purchased a new stake in shares of Enbridge in the fourth quarter worth $1,195,559,000. Geode Capital Management LLC grew 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 worth $1,045,172,000 after acquiring an additional 1,415,995 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after acquiring an additional 858,323 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Trading Up 0.3%

Enbridge stock opened at $55.52 on Wednesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. Enbridge Inc has a one year low of $43.59 and a one year high of $58.45. The stock has a market capitalization of $121.23 billion, a PE ratio of 26.07 and a beta of 0.58. The business’s fifty day moving average is $54.68 and its 200 day moving average is $51.49.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, beating 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 company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same period last year, the firm posted $1.03 earnings per share. On average, sell-side analysts predict that Enbridge Inc will post 2.2 EPS for the current year.

Enbridge Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 7.0%. Enbridge’s dividend payout ratio (DPR) is 133.80%.

Analyst Ratings Changes

A number of research firms have recently commented on ENB. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. TD Securities cut Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Finally, Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, May 24th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently 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.