Howland Capital Management LLC purchased a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the third quarter, HoldingsChannel reports. The institutional investor purchased 9,102 shares of the pipeline company’s stock, valued at approximately $319,000.
A number of other hedge funds also recently added to or reduced their stakes in ENB. Vanguard Group Inc. boosted its stake in shares of Enbridge by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 61,387,908 shares of the pipeline company’s stock valued at $2,214,876,000 after purchasing an additional 1,200,391 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Enbridge by 6.8% in the 2nd quarter. Great West Life Assurance Co. Can now owns 13,006,953 shares of the pipeline company’s stock valued at $468,753,000 after purchasing an additional 833,190 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of Enbridge by 0.8% in the 2nd quarter. Bank of Nova Scotia now owns 12,535,497 shares of the pipeline company’s stock valued at $448,587,000 after purchasing an additional 103,842 shares in the last quarter. Salient Capital Advisors LLC boosted its stake in shares of Enbridge by 5.2% in the 2nd quarter. Salient Capital Advisors LLC now owns 10,584,696 shares of the pipeline company’s stock valued at $382,165,000 after purchasing an additional 519,679 shares in the last quarter. Finally, Scotia Capital Inc. boosted its stake in shares of Enbridge by 1.0% in the 2nd quarter. Scotia Capital Inc. now owns 8,243,112 shares of the pipeline company’s stock valued at $296,386,000 after purchasing an additional 78,848 shares in the last quarter. 53.82% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently issued reports on ENB. Goldman Sachs Group began coverage on shares of Enbridge in a research note on Thursday, July 18th. They issued a “neutral” rating for the company. Scotiabank raised shares of Enbridge from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. CIBC cut their price objective on shares of Enbridge from $57.00 to $56.00 in a research note on Wednesday. Barclays cut shares of Enbridge from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $52.00 to $51.00 in a research note on Tuesday, October 15th. Finally, ValuEngine cut shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $44.79.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.08. The business had revenue of $9.92 billion during the quarter. Enbridge had a net margin of 9.97% and a return on equity of 8.16%. Sell-side analysts expect that Enbridge Inc will post 2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.251 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 2.75%. Enbridge’s payout ratio is currently 107.80%.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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