24,983,734 Shares in Enbridge Inc $ENB Acquired by Norges Bank

Norges Bank acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 24,983,734 shares of the pipeline company’s stock, valued at approximately $1,195,559,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after buying an additional 2,067,516 shares in the last quarter. TD Asset Management Inc raised its position in Enbridge by 0.3% in the third quarter. TD Asset Management Inc now owns 40,021,291 shares of the pipeline company’s stock valued at $2,019,473,000 after purchasing an additional 137,897 shares during the period. Geode Capital Management LLC raised its position in Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Legal & General Group Plc raised its position in Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock valued at $942,806,000 after purchasing an additional 858,323 shares during the period. Finally, Scotia Capital Inc. raised its position in Enbridge by 2.1% in the third quarter. Scotia Capital Inc. now owns 14,369,949 shares of the pipeline company’s stock valued at $723,404,000 after purchasing an additional 300,391 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 1.5%

Shares of NYSE ENB opened at $54.75 on Friday. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $58.45. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. The stock has a fifty day simple moving average of $54.45 and a 200-day simple moving average of $51.09. The stock has a market capitalization of $119.56 billion, a PE ratio of 25.71 and a beta of 0.59.

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

Enbridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a $0.97 dividend. 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 payout ratio is presently 133.80%.

Analysts Set New Price Targets

A number of research firms have commented on ENB. Citigroup restated a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, May 24th. Royal Bank Of Canada lifted their target price on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Finally, TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Enbridge currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

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.