Barometer Capital Management Inc. Increases Stock Position in Enbridge Inc $ENB

Barometer Capital Management Inc. raised its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 24.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 60,280 shares of the pipeline company’s stock after purchasing an additional 11,985 shares during the period. Barometer Capital Management Inc.’s holdings in Enbridge were worth $3,042,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Enbridge by 2.0% in the third quarter. Vanguard Group Inc. now owns 98,297,477 shares of the pipeline company’s stock valued at $4,959,009,000 after buying an additional 1,892,491 shares during the last quarter. TD Asset Management Inc grew its stake in Enbridge by 0.3% during the 3rd quarter. TD Asset Management Inc now owns 40,021,291 shares of the pipeline company’s stock valued at $2,019,473,000 after acquiring an additional 137,897 shares in the last quarter. Norges Bank acquired a new stake in Enbridge in the 2nd quarter valued at about $1,113,368,000. Legal & General Group Plc lifted its stake in Enbridge by 1.1% in the 2nd quarter. Legal & General Group Plc now owns 18,861,475 shares of the pipeline company’s stock worth $853,669,000 after purchasing an additional 207,243 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Enbridge by 20.2% in the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ENB. Weiss Ratings raised Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 9th. Zacks Research upgraded Enbridge from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. JPMorgan Chase & Co. lowered Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 27th. Finally, TD Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Enbridge Stock Performance

NYSE ENB opened at $53.63 on Thursday. The stock has a fifty day simple moving average of $49.97 and a 200-day simple moving average of $48.72. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70. The stock has a market cap of $117.01 billion, a PE ratio of 23.32 and a beta of 0.67. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $54.42.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, February 13th. The pipeline company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. The company had revenue of $17.18 billion for the quarter, compared to analysts’ expectations of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same quarter in the prior year, the company posted $0.75 earnings per share. Equities analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current year.

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.