CIBC Asset Management Inc Sells 2,497,079 Shares of Enbridge Inc $ENB

CIBC Asset Management Inc trimmed its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 14.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,084,676 shares of the pipeline company’s stock after selling 2,497,079 shares during the quarter. Enbridge makes up about 2.2% of CIBC Asset Management Inc’s portfolio, making the stock its 10th biggest holding. CIBC Asset Management Inc owned 0.69% of Enbridge worth $761,404,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Enbridge during the 2nd quarter worth about $1,113,368,000. Canada Pension Plan Investment Board increased its stake in shares of Enbridge by 38.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after purchasing an additional 3,687,334 shares in the last quarter. Vanguard Group Inc. raised its holdings in Enbridge by 3.5% in the 2nd 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 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 in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Enbridge during the second quarter worth approximately $132,105,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

ENB opened at $48.19 on Friday. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The firm has a market capitalization of $105.13 billion, a PE ratio of 26.48 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 firm’s 50-day moving average price is $47.39 and its 200 day moving average price is $47.44.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data 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 company had revenue of $7 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the firm posted $0.55 EPS. As a group, sell-side analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be given a dividend of $0.97 per share. 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 8.1%. Enbridge’s dividend payout ratio (DPR) is 147.80%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ENB. Zacks Research raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Finally, Royal Bank Of Canada lifted their price objective on Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Monday, November 10th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $63.00.

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.