Neuberger Berman Group LLC Reduces Stock Position in Enbridge Inc. (NYSE:ENB)

Neuberger Berman Group LLC cut its stake in Enbridge Inc. (NYSE:ENBGet Rating) (TSE:ENB) by 9.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,143,108 shares of the pipeline company’s stock after selling 310,845 shares during the period. Neuberger Berman Group LLC owned approximately 0.16% of Enbridge worth $145,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in ENB. abrdn plc lifted its holdings in Enbridge by 1.7% in the fourth quarter. abrdn plc now owns 564,300 shares of the pipeline company’s stock valued at $22,053,000 after acquiring an additional 9,700 shares during the last quarter. Equitable Holdings Inc. lifted its holdings in Enbridge by 10.0% in the fourth quarter. Equitable Holdings Inc. now owns 12,646 shares of the pipeline company’s stock valued at $494,000 after acquiring an additional 1,150 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in Enbridge by 172.1% in the fourth quarter. Allianz Asset Management GmbH now owns 374,808 shares of the pipeline company’s stock valued at $14,661,000 after acquiring an additional 237,076 shares during the last quarter. Advisor Resource Council acquired a new position in Enbridge in the fourth quarter valued at approximately $452,000. Finally, Renaissance Technologies LLC acquired a new position in Enbridge in the fourth quarter valued at approximately $4,911,000. 49.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Raymond James upgraded Enbridge from a “market perform” rating to an “outperform” rating in a report on Monday. National Bank Financial upped their price target on Enbridge from C$60.00 to C$61.00 in a research note on Tuesday, August 2nd. Industrial Alliance Securities upgraded Enbridge from a “hold” rating to a “buy” rating and set a C$60.00 price target on the stock in a research note on Wednesday, August 3rd. Finally, US Capital Advisors cut Enbridge from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 26th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and a consensus price target of $59.75.

Enbridge Stock Performance

NYSE:ENB opened at $41.87 on Friday. The firm has a market capitalization of $84.78 billion, a PE ratio of 22.04, a price-to-earnings-growth ratio of 3.04 and a beta of 0.79. The business’s fifty day moving average price is $42.88 and its 200 day moving average price is $43.97. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.58 and a quick ratio of 0.49. Enbridge Inc. has a 12 month low of $36.21 and a 12 month high of $47.67.

Enbridge (NYSE:ENBGet Rating) (TSE:ENB) last posted its earnings results on Friday, July 29th. The pipeline company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.57 by $0.10. Enbridge had a return on equity of 10.46% and a net margin of 9.98%. During the same period last year, the firm earned $0.55 EPS. On average, sell-side analysts anticipate that Enbridge Inc. will post 2.3 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were issued a $0.668 dividend. This represents a $2.67 annualized dividend and a yield of 6.38%. The ex-dividend date of this dividend was Friday, August 12th. Enbridge’s dividend payout ratio (DPR) is presently 140.00%.

Enbridge Profile

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Enbridge Inc operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.

Further Reading

Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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