Barometer Capital Management Inc. boosted its holdings in Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 327.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 331,778 shares of the pipeline company’s stock after purchasing an additional 254,150 shares during the period. Enbridge comprises approximately 3.4% of Barometer Capital Management Inc.’s portfolio, making the stock its 8th largest holding. Barometer Capital Management Inc.’s holdings in Enbridge were worth $18,807,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. abrdn plc raised its stake in shares of Enbridge by 1.7% during the fourth quarter. abrdn plc now owns 564,300 shares of the pipeline company’s stock valued at $22,053,000 after acquiring an additional 9,700 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Enbridge by 11.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,535,429 shares of the pipeline company’s stock valued at $60,005,000 after acquiring an additional 154,615 shares during the last quarter. Paradigm Financial Partners LLC purchased a new position in shares of Enbridge during the fourth quarter valued at about $331,000. Glenview Trust Co increased its position in shares of Enbridge by 61.6% during the fourth quarter. Glenview Trust Co now owns 9,281 shares of the pipeline company’s stock valued at $363,000 after buying an additional 3,538 shares during the period. Finally, Pittenger & Anderson Inc. increased its position in shares of Enbridge by 176.1% during the fourth quarter. Pittenger & Anderson Inc. now owns 4,751 shares of the pipeline company’s stock valued at $186,000 after buying an additional 3,030 shares during the period. 49.26% of the stock is owned by institutional investors.
Enbridge Trading Down 0.1 %
Shares of NYSE ENB opened at $41.13 on Friday. The firm’s 50 day moving average price is $42.86 and its 200-day moving average price is $43.96. The company has a market cap of $83.28 billion, a PE ratio of 21.65, a P/E/G ratio of 2.98 and a beta of 0.79. Enbridge Inc. has a 52-week low of $36.21 and a 52-week high of $47.67. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.49 and a current ratio of 0.58.
Enbridge Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 15th were given a $0.668 dividend. The ex-dividend date of this dividend was Friday, August 12th. This represents a $2.67 annualized dividend and a yield of 6.50%. Enbridge’s payout ratio is presently 140.00%.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on ENB. Industrial Alliance Securities upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a C$60.00 price target on the stock in a research report on Wednesday, August 3rd. Raymond James boosted their price target on shares of Enbridge from C$55.00 to C$57.00 in a research report on Tuesday, August 2nd. US Capital Advisors cut shares of Enbridge from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 26th. Finally, National Bank Financial upped their price objective on shares of Enbridge from C$60.00 to C$61.00 in a report on Tuesday, August 2nd. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $58.46.
Enbridge Inc operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.
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