Ontario Teachers Pension Plan Board Buys New Stake in Enbridge Inc $ENB

Ontario Teachers Pension Plan Board purchased a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, HoldingsChannel.com reports. The fund purchased 8,634,722 shares of the pipeline company’s stock, valued at approximately $467,782,000. Enbridge comprises about 3.0% of Ontario Teachers Pension Plan Board’s investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds have also bought and sold shares of the stock. Retirement Planning Group LLC boosted its holdings in shares of Enbridge by 3.6% during the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock valued at $290,000 after purchasing an additional 187 shares during the last quarter. Bank & Trust Co increased its holdings in shares of Enbridge by 0.6% in the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock worth $1,804,000 after purchasing an additional 193 shares during the last quarter. Cornerstone Wealth Management LLC increased its holdings in shares of Enbridge by 0.6% in the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock worth $1,710,000 after purchasing an additional 194 shares during the last quarter. PFG Investments LLC lifted its position in shares of Enbridge by 0.9% in the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock worth $1,202,000 after buying an additional 202 shares in the last quarter. Finally, MIdWestOne Financial Group Inc. lifted its position in shares of Enbridge by 4.3% in the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock worth $235,000 after buying an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on ENB shares. Scotiabank restated an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Raymond James Financial lowered shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Finally, TD Securities restated a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $67.00.

Enbridge Stock Up 1.7%

Shares of NYSE:ENB opened at $51.41 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The company has a 50-day moving average price of $54.49 and a 200 day moving average price of $53.99. The company has a market cap of $112.29 billion, a price-to-earnings ratio of 27.49 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The company had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the business posted $0.65 earnings per share. As a group, equities research analysts predict that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.97 dividend. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.5%. Enbridge’s payout ratio is 147.06%.

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.