M&T Bank Corp cut its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 340,744 shares of the pipeline company’s stock after selling 4,816 shares during the period. M&T Bank Corp’s holdings in Enbridge were worth $10,365,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. Stratos Wealth Partners LTD. raised its holdings in shares of Enbridge by 9.1% in the second quarter. Stratos Wealth Partners LTD. now owns 29,254 shares of the pipeline company’s stock valued at $890,000 after purchasing an additional 2,434 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its stake in Enbridge by 2.9% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 108,711 shares of the pipeline company’s stock valued at $3,307,000 after buying an additional 3,076 shares during the last quarter. CIBC Asset Management Inc increased its stake in Enbridge by 1.4% in the 2nd quarter. CIBC Asset Management Inc now owns 20,413,326 shares of the pipeline company’s stock valued at $618,766,000 after buying an additional 274,567 shares during the last quarter. Guinness Asset Management LTD lifted its position in Enbridge by 35.1% during the 2nd quarter. Guinness Asset Management LTD now owns 211,000 shares of the pipeline company’s stock worth $6,419,000 after buying an additional 54,800 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Enbridge by 40.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 755,797 shares of the pipeline company’s stock worth $23,095,000 after buying an additional 216,422 shares during the last quarter. 54.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Enbridge stock opened at $32.00 on Friday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.53 and a current ratio of 0.61. The firm has a 50-day moving average of $30.73 and a 200-day moving average of $33.26. Enbridge Inc has a 52-week low of $22.57 and a 52-week high of $43.15. The stock has a market cap of $64.81 billion, a PE ratio of 45.71, a PEG ratio of 1.71 and a beta of 0.83.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.6021 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.57. This represents a $2.41 annualized dividend and a dividend yield of 7.53%. The ex-dividend date is Thursday, August 13th. Enbridge’s payout ratio is 115.00%.
Several analysts recently issued reports on ENB shares. Wells Fargo & Co lowered Enbridge from an “overweight” rating to an “equal weight” rating and set a $51.00 target price on the stock. in a report on Wednesday, July 22nd. Morgan Stanley upgraded Enbridge from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $49.00 to $54.00 in a research note on Wednesday, July 15th. Raymond James reissued a “buy” rating and issued a $55.00 target price on shares of Enbridge in a research note on Thursday. Credit Suisse Group reaffirmed a “hold” rating and set a $48.00 price target on shares of Enbridge in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. raised shares of Enbridge from a “neutral” rating to an “overweight” rating and set a $56.00 price objective for the company in a research report on Wednesday, April 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $51.59.
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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