Norges Bank Purchases Shares of 21,454,238 Enbridge Inc. (NYSE:ENB)

Norges Bank acquired a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 21,454,238 shares of the pipeline company’s stock, valued at approximately $909,415,000. Norges Bank owned about 0.98% of Enbridge as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. McIlrath & Eck LLC boosted its position in Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after buying an additional 295 shares during the period. Albion Financial Group UT purchased a new stake in Enbridge during the 4th quarter valued at about $29,000. Wintrust Investments LLC grew its position in Enbridge by 47.8% during the 4th quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 238 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. increased its stake in Enbridge by 149.9% in the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 967 shares of the pipeline company’s stock worth $41,000 after purchasing an additional 580 shares during the period. Finally, Hopwood Financial Services Inc. bought a new stake in Enbridge in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

ENB stock opened at $44.38 on Friday. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54. Enbridge Inc. has a 1 year low of $32.86 and a 1 year high of $45.78. The firm has a 50-day moving average of $43.49 and a 200 day moving average of $42.45. The company has a market cap of $96.72 billion, a P/E ratio of 25.80, a PEG ratio of 3.92 and a beta of 0.95.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same quarter last year, the business posted $0.64 EPS. On average, sell-side analysts forecast that Enbridge Inc. will post 2.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ENB shares. Royal Bank of Canada upped their price target on shares of Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. CIBC reissued an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Finally, TD Securities began coverage on Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, 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.