Enbridge Inc $ENB Stake Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 339,147 shares of the pipeline company’s stock after buying an additional 24,165 shares during the quarter. Principal Financial Group Inc.’s holdings in Enbridge were worth $17,113,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. IHT Wealth Management LLC boosted its stake in Enbridge by 1.2% during the 2nd quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock valued at $820,000 after purchasing an additional 213 shares during the period. HBK Sorce Advisory LLC increased its stake in shares of Enbridge by 1.8% in the third quarter. HBK Sorce Advisory LLC now owns 12,424 shares of the pipeline company’s stock valued at $609,000 after purchasing an additional 215 shares during the period. Copperleaf Capital LLC raised its holdings in shares of Enbridge by 3.6% during the third quarter. Copperleaf Capital LLC now owns 6,328 shares of the pipeline company’s stock valued at $319,000 after buying an additional 217 shares during the last quarter. South Plains Financial Inc. raised its holdings in shares of Enbridge by 13.2% during the second quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company’s stock valued at $85,000 after buying an additional 220 shares during the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Enbridge by 1.2% during the second quarter. IFP Advisors Inc now owns 18,217 shares of the pipeline company’s stock worth $826,000 after buying an additional 221 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Trading Up 0.6%

Shares of ENB stock opened at $50.61 on Tuesday. The stock has a 50-day simple moving average of $47.64 and a 200 day simple moving average of $47.79. The stock has a market capitalization of $110.42 billion, a P/E ratio of 27.81 and a beta of 0.69. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.95. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a net margin of 9.20% and a return on equity of 10.51%. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the company posted $0.55 earnings per share. On average, sell-side analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a dividend of $0.97 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a yield of 7.7%. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s dividend payout ratio (DPR) is currently 147.80%.

Wall Street Analyst Weigh In

ENB has been the topic of several analyst reports. Scotiabank upgraded Enbridge from a “sector perform” rating to a “sector outperform” rating in a research report on Friday, January 16th. Royal Bank Of Canada raised their price target on Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Monday, November 10th. Zacks Research upgraded shares of Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. Finally, Weiss Ratings cut shares of Enbridge from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 26th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.00.

Enbridge 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.