Bank of Nova Scotia Trust Co. Buys 9,226 Shares of Enbridge Inc $ENB

Bank of Nova Scotia Trust Co. increased its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 979,329 shares of the pipeline company’s stock after purchasing an additional 9,226 shares during the period. Enbridge accounts for about 4.4% of Bank of Nova Scotia Trust Co.’s investment portfolio, making the stock its 4th biggest holding. Bank of Nova Scotia Trust Co.’s holdings in Enbridge were worth $44,383,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its position in shares of Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock worth $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Enbridge during the 1st quarter valued at approximately $208,490,000. Vanguard Group Inc. lifted its stake in Enbridge by 3.5% during the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after purchasing an additional 3,217,961 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Enbridge by 20.2% in the second quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after purchasing an additional 2,989,992 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in Enbridge in the second quarter worth $132,105,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Up 1.0%

Shares of NYSE:ENB opened at $48.04 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The company’s 50-day moving average price is $48.13 and its 200 day moving average price is $46.92. The company has a market cap of $104.80 billion, a PE ratio of 23.67, a P/E/G ratio of 4.31 and a beta of 0.76. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.06). The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $8.45 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the previous year, the business posted $0.55 EPS. Sell-side analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be given a $0.9425 dividend. The ex-dividend date is Friday, November 14th. This represents a $3.77 annualized dividend and a yield of 7.8%. This is an increase from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s payout ratio is 147.80%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Royal Bank Of Canada boosted their price objective on shares of Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Zacks Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 11th. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Enbridge presently has an average rating of “Hold” and a consensus target price of $63.00.

Enbridge Profile

Enbridge Inc, together with its subsidiaries, 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.