JCIC Asset Management Inc. Makes New Investment in Enbridge Inc $ENB

JCIC Asset Management Inc. acquired a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 196,898 shares of the pipeline company’s stock, valued at approximately $9,931,000. Enbridge accounts for about 3.1% of JCIC Asset Management Inc.’s portfolio, making the stock its 9th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in Enbridge in the second quarter valued at approximately $1,113,368,000. Canada Pension Plan Investment Board increased its holdings in shares of Enbridge by 38.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock worth $599,556,000 after acquiring an additional 3,687,334 shares during the last quarter. Vanguard Group Inc. raised its stake in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after acquiring an additional 3,217,961 shares during the period. Geode Capital Management LLC boosted its position in Enbridge by 20.2% during 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 shares of Enbridge in the second quarter valued at $132,105,000. 54.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a report on Monday, November 10th. Zacks Research raised Enbridge from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. CIBC cut Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Cibc World Mkts lowered Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Finally, Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Enbridge Trading Up 1.6%

NYSE ENB opened at $47.57 on Monday. The company has a market cap of $103.79 billion, a price-to-earnings ratio of 26.14 and a beta of 0.68. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. The business’s fifty day moving average is $47.46 and its 200 day moving average is $47.36.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.06). Enbridge had a return on equity of 10.51% and a net margin of 9.20%.The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the firm posted $0.55 earnings per share. As a group, sell-side analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This is an increase from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a dividend yield of 8.2%. Enbridge’s payout ratio is 147.80%.

Enbridge 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.