The Manufacturers Life Insurance Company Grows Position in Enbridge Inc $ENB

The Manufacturers Life Insurance Company raised its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.5% in the second quarter, Holdings Channel.com reports. The fund owned 11,079,469 shares of the pipeline company’s stock after buying an additional 268,800 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Enbridge were worth $599,709,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Retirement Planning Group LLC increased its holdings in shares of Enbridge by 3.6% in 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 in the last quarter. Bank & Trust Co boosted its holdings in Enbridge by 0.6% during the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock worth $1,804,000 after buying an additional 193 shares in the last quarter. Cornerstone Wealth Management LLC grew its position in Enbridge by 0.6% during the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock worth $1,710,000 after buying an additional 194 shares during the period. PFG Investments LLC grew its position in Enbridge by 0.9% during 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 during the period. Finally, MIdWestOne Financial Group Inc. increased its holdings in Enbridge by 4.3% in the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock valued at $235,000 after buying an additional 203 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.8%

ENB stock opened at $50.08 on Tuesday. The company’s 50 day simple moving average is $54.02 and its 200-day simple moving average is $54.04. The firm has a market capitalization of $109.37 billion, a PE ratio of 26.78 and a beta of 0.58. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share (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 firm had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm posted $0.65 EPS. Equities analysts expect that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.7%. Enbridge’s dividend payout ratio (DPR) is presently 147.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Royal Bank Of Canada lifted their price objective on Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Monday, August 3rd. Finally, Raymond James Financial lowered Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Five research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge has an average rating of “Hold” and an average price target of $67.00.

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.