Griffin Asset Management Inc. increased its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 12.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 69,819 shares of the pipeline company’s stock after purchasing an additional 7,479 shares during the period. Griffin Asset Management Inc.’s holdings in Enbridge were worth $2,492,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Accurate Investment Solutions Inc. bought a new stake in shares of Enbridge during the second quarter valued at approximately $106,000. Welch Group LLC bought a new stake in shares of Enbridge during the second quarter valued at approximately $109,000. Spectrum Management Group Inc. bought a new stake in shares of Enbridge during the second quarter valued at approximately $119,000. Centersquare Investment Management LLC raised its holdings in shares of Enbridge by 93.0% during the second quarter. Centersquare Investment Management LLC now owns 3,610 shares of the pipeline company’s stock valued at $129,000 after buying an additional 1,740 shares during the last quarter. Finally, Private Capital Group LLC raised its holdings in shares of Enbridge by 2,241.9% during the first quarter. Private Capital Group LLC now owns 3,630 shares of the pipeline company’s stock valued at $114,000 after buying an additional 3,475 shares during the last quarter. 58.53% of the stock is currently owned by hedge funds and other institutional investors.
NYSE ENB traded down $0.19 on Friday, hitting $33.71. 3,658,380 shares of the stock were exchanged, compared to its average volume of 3,509,765. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.47 and a current ratio of 0.56. Enbridge Inc has a 52-week low of $29.00 and a 52-week high of $41.75. The stock has a market cap of $55.39 billion, a price-to-earnings ratio of 21.89, a PEG ratio of 1.71 and a beta of 0.55.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 3rd. The pipeline company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.42 by $0.20. Enbridge had a net margin of 5.99% and a return on equity of 8.47%. The business had revenue of $8.33 billion for the quarter, compared to analysts’ expectations of $9.86 billion. On average, research analysts forecast that Enbridge Inc will post 2.1 EPS for the current fiscal year.
A number of research firms have recently weighed in on ENB. ValuEngine raised Enbridge from a “strong sell” rating to a “sell” rating in a report on Friday, June 29th. UBS Group initiated coverage on Enbridge in a report on Thursday. They set a “buy” rating on the stock. BMO Capital Markets dropped their target price on Enbridge from $61.00 to $59.00 and set an “outperform” rating on the stock in a report on Thursday, June 14th. Bank of America raised Enbridge from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $49.00 to $50.00 in a report on Friday, August 17th. Finally, Citigroup reissued a “neutral” rating on shares of Enbridge in a report on Monday, September 24th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $51.40.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in 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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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