Korea Investment CORP Has $61.83 Million Stock Holdings in Enbridge Inc $ENB

Korea Investment CORP cut its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,397,154 shares of the pipeline company’s stock after selling 83,379 shares during the quarter. Korea Investment CORP’s holdings in Enbridge were worth $61,827,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ENB. Dagco Inc. acquired a new stake in Enbridge in the first quarter valued at approximately $25,000. Garde Capital Inc. acquired a new stake in Enbridge in the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Enbridge in the first quarter valued at approximately $28,000. Accent Capital Management LLC acquired a new stake in Enbridge in the first quarter valued at approximately $30,000. Finally, GeoWealth Management LLC lifted its stake in Enbridge by 436.4% in the fourth quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 611 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Trading Down 0.7%

Shares of Enbridge stock opened at $46.71 on Tuesday. The company’s fifty day simple moving average is $45.57 and its 200-day simple moving average is $44.76. The company has a market cap of $101.85 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 4.30 and a beta of 0.79. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. Enbridge Inc has a 1 year low of $38.70 and a 1 year high of $48.21.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the company posted $0.58 earnings per share. As a group, sell-side analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be paid a dividend of $0.6839 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Friday, August 15th. Enbridge’s dividend payout ratio is presently 134.98%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ENB. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Monday, May 12th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Argus lifted their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.50.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.