Bank of New York Mellon Corp Has $305.49 Million Stock Holdings in Enbridge Inc $ENB

Bank of New York Mellon Corp lifted its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,054,055 shares of the pipeline company’s stock after purchasing an additional 513,506 shares during the period. Bank of New York Mellon Corp owned about 0.28% of Enbridge worth $305,488,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Whipplewood Advisors LLC raised its stake in shares of Enbridge by 112.4% during the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 308 shares during the last quarter. Highline Wealth Partners LLC grew its stake in shares of Enbridge by 73.1% in the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 236 shares during the last quarter. Financial Gravity Companies Inc. acquired a new stake in Enbridge in the second quarter valued at $29,000. True Wealth Design LLC raised its position in Enbridge by 588.2% during the 3rd quarter. True Wealth Design LLC now owns 585 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 500 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Enbridge during the 2nd quarter worth about $31,000. Institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ENB has been the subject of several recent research reports. Zacks Research raised Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. JPMorgan Chase & Co. cut Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday. CIBC downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. Cibc World Mkts downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Finally, Scotiabank raised shares of Enbridge from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 16th. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge currently has an average rating of “Hold” and a consensus target price of $63.00.

Enbridge Stock Performance

Shares of ENB stock opened at $49.27 on Friday. The firm has a 50 day moving average of $47.41 and a 200-day moving average of $47.54. The company has a market cap of $107.48 billion, a price-to-earnings ratio of 27.07 and a beta of 0.68. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.54.

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

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a $0.97 dividend. The ex-dividend date 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 yield of 7.9%. Enbridge’s dividend payout ratio is currently 147.80%.

About Enbridge

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.