Allspring Global Investments Holdings LLC Buys Shares of 143,413 Enbridge Inc $ENB

Allspring Global Investments Holdings LLC acquired a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 143,413 shares of the pipeline company’s stock, valued at approximately $7,233,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. lifted its position in Enbridge by 83.1% in the second quarter. Westwood Holdings Group Inc. now owns 2,301,067 shares of the pipeline company’s stock valued at $104,284,000 after purchasing an additional 1,044,093 shares during the last quarter. Mutual Advisors LLC increased its stake in shares of Enbridge by 25.3% in the second quarter. Mutual Advisors LLC now owns 51,995 shares of the pipeline company’s stock worth $2,338,000 after buying an additional 10,488 shares during the period. 111 Capital purchased a new position in shares of Enbridge in the second quarter worth $1,887,000. Loudon Investment Management LLC raised its holdings in Enbridge by 40.6% during the 2nd quarter. Loudon Investment Management LLC now owns 29,801 shares of the pipeline company’s stock valued at $1,351,000 after buying an additional 8,600 shares during the last quarter. Finally, Ritholtz Wealth Management boosted its position in Enbridge by 37.7% during the 2nd quarter. Ritholtz Wealth Management now owns 71,834 shares of the pipeline company’s stock valued at $3,256,000 after buying an additional 19,655 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

Shares of Enbridge stock opened at $45.72 on Wednesday. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $50.54. The firm has a market capitalization of $99.72 billion, a P/E ratio of 25.12 and a beta of 0.68. The company has a current ratio of 0.80, a quick ratio of 0.68 and a debt-to-equity ratio of 1.64. The business has a fifty day simple moving average of $47.57 and a two-hundred day simple moving average of $47.29.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a return on equity of 10.51% and a net margin of 9.20%.The business had revenue of $7 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the company earned $0.55 earnings per share. On average, equities analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.97 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.5%. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s payout ratio is 147.80%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ENB. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Cibc World Mkts cut Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. CIBC lowered Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $63.00.

Enbridge Company 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.