LGT Fund Management Co Ltd. Buys New Shares in Enbridge Inc $ENB

LGT Fund Management Co Ltd. purchased a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, HoldingsChannel.com reports. The fund purchased 187,966 shares of the pipeline company’s stock, valued at approximately $10,183,000.

Other hedge funds also recently made changes to their positions in the company. PFG Investments LLC grew its stake in shares of Enbridge by 0.9% during the 1st quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after buying an additional 202 shares during the period. MIdWestOne Financial Group Inc. raised its position in shares of Enbridge by 4.3% in the 4th 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 during the period. Sumitomo Life Insurance Co. boosted its holdings in Enbridge by 1.1% in the fourth quarter. Sumitomo Life Insurance Co. now owns 18,621 shares of the pipeline company’s stock valued at $891,000 after acquiring an additional 205 shares during the last quarter. Arete Wealth Advisors LLC grew its position in Enbridge by 4.4% during the fourth quarter. Arete Wealth Advisors LLC now owns 4,914 shares of the pipeline company’s stock valued at $235,000 after acquiring an additional 208 shares during the period. Finally, Blue Fin Capital Inc. grew its position in Enbridge by 1.3% during the fourth quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company’s stock valued at $767,000 after acquiring an additional 213 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ENB shares. Scotiabank restated an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Royal Bank Of Canada increased their price objective on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Up 0.1%

Shares of ENB traded up $0.05 during midday trading on Friday, reaching $54.64. 2,330,853 shares of the company were exchanged, compared to its average volume of 3,703,008. Enbridge Inc has a 1-year low of $44.13 and a 1-year high of $58.45. The stock has a 50-day moving average price of $55.48 and a 200-day moving average price of $52.65. 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 company has a market cap of $119.34 billion, a price-to-earnings ratio of 25.65 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter last year, the firm earned $1.03 earnings per share. Research analysts expect that Enbridge Inc will post 2.15 earnings per share for the current year.

Enbridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.1%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

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.