JPMorgan Chase & Co. Lowers Stake in Enbridge Inc $ENB

JPMorgan Chase & Co. lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 3.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,966,659 shares of the pipeline company’s stock after selling 621,858 shares during the period. JPMorgan Chase & Co. owned 0.78% of Enbridge worth $856,138,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Enbridge during the second quarter valued at approximately $1,113,368,000. Canada Pension Plan Investment Board raised its position in Enbridge by 38.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after purchasing an additional 3,687,334 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after buying an additional 3,217,961 shares during the period. Geode Capital Management LLC grew its position in shares of Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after buying an additional 2,989,992 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of Enbridge during the 2nd quarter worth $132,105,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ENB. National Bank Financial restated a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Royal Bank Of Canada upped their price target on shares of Enbridge from $72.00 to $76.00 and gave the stock an “outperform” rating in a research report on Tuesday. TD Securities downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday. Weiss Ratings raised shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 9th. Finally, JPMorgan Chase & Co. lowered Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Enbridge has an average rating of “Moderate Buy” and a consensus target price of $65.00.

Enbridge Trading Down 4.5%

Enbridge stock opened at $51.46 on Wednesday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80. The stock has a market cap of $112.28 billion, a PE ratio of 22.37 and a beta of 0.69. The stock has a 50-day moving average of $48.15 and a two-hundred day moving average of $48.09. Enbridge Inc has a one year low of $39.73 and a one year high of $54.19.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The firm had revenue of $17.18 billion for the quarter, compared to the consensus estimate of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.01%. During the same quarter in the prior year, the company posted $0.75 earnings per share. On average, research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a $0.97 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s dividend payout ratio is 116.96%.

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.