Strs Ohio reduced its stake in Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 88.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,445 shares of the pipeline company’s stock after selling 542,555 shares during the period. Strs Ohio’s holdings in Enbridge were worth $2,625,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also made changes to their positions in the stock. Bank of Nova Scotia lifted its stake in Enbridge by 116.3% during the second quarter. Bank of Nova Scotia now owns 24,897,404 shares of the pipeline company’s stock worth $1,051,405,000 after purchasing an additional 13,386,638 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Enbridge by 40.9% during the first quarter. The Manufacturers Life Insurance Company now owns 19,961,512 shares of the pipeline company’s stock worth $920,387,000 after purchasing an additional 5,794,908 shares during the last quarter. Deutsche Bank AG lifted its stake in Enbridge by 15.4% during the second quarter. Deutsche Bank AG now owns 42,067,808 shares of the pipeline company’s stock worth $1,777,785,000 after purchasing an additional 5,598,127 shares during the last quarter. GQG Partners LLC lifted its stake in Enbridge by 9.0% during the second quarter. GQG Partners LLC now owns 51,856,121 shares of the pipeline company’s stock worth $2,186,048,000 after purchasing an additional 4,276,415 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Enbridge by 3.7% during the first quarter. Vanguard Group Inc. now owns 69,181,872 shares of the pipeline company’s stock worth $3,188,593,000 after purchasing an additional 2,491,924 shares during the last quarter. 49.25% of the stock is currently owned by institutional investors.
Enbridge Stock Performance
Shares of Enbridge stock opened at $40.98 on Wednesday. The company has a current ratio of 0.60, a quick ratio of 0.47 and a debt-to-equity ratio of 1.22. The business has a 50-day moving average price of $39.92 and a two-hundred day moving average price of $40.69. Enbridge Inc. has a 1-year low of $35.02 and a 1-year high of $47.67. The company has a market cap of $82.98 billion, a P/E ratio of 19.42, a PEG ratio of 2.96 and a beta of 0.82.
Enbridge Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Wednesday, February 15th will be issued a dividend of $0.6538 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.63. This represents a $2.62 dividend on an annualized basis and a yield of 6.38%. The ex-dividend date is Tuesday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 122.75%.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the company. StockNews.com assumed coverage on Enbridge in a research note on Wednesday, October 12th. They set a “hold” rating for the company. Morgan Stanley lowered their price target on shares of Enbridge from C$67.00 to C$64.00 in a report on Wednesday, October 19th. National Bank Financial downgraded shares of Enbridge from an “outperform” rating to a “sector perform” rating in a report on Monday, November 7th. Credit Suisse Group lowered their price target on shares of Enbridge from C$54.00 to C$52.00 in a report on Friday, December 9th. Finally, Scotiabank lowered their price target on shares of Enbridge from C$62.00 to C$56.00 in a report on Thursday, October 20th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Enbridge currently has a consensus rating of “Hold” and an average price target of $59.40.
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.
- Get a free copy of the StockNews.com research report on Enbridge (ENB)
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