Covea Finance Decreases Stake in Enbridge Inc $ENB

Covea Finance cut its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 496,720 shares of the pipeline company’s stock after selling 32,400 shares during the quarter. Covea Finance’s holdings in Enbridge were worth $22,430,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Enbridge by 1.7% during the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company’s stock worth $4,124,271,000 after purchasing an additional 1,569,879 shares during the last quarter. GQG Partners LLC raised its holdings in Enbridge by 1.5% during the first quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company’s stock worth $3,338,405,000 after purchasing an additional 1,148,580 shares during the last quarter. TD Asset Management Inc raised its holdings in Enbridge by 1.3% during the first quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company’s stock worth $1,737,602,000 after purchasing an additional 513,058 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Enbridge by 137.9% during the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock worth $1,458,128,000 after purchasing an additional 19,074,827 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Enbridge by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock worth $781,792,000 after purchasing an additional 1,680,116 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of NYSE ENB opened at $49.21 on Tuesday. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $49.60. The business has a 50-day moving average of $47.22 and a 200-day moving average of $45.70. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The company has a market capitalization of $107.31 billion, a price-to-earnings ratio of 24.24, a PEG ratio of 4.52 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter in the prior year, the business earned $0.58 earnings per share. On average, equities analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. This represents a $2.74 annualized dividend and a dividend yield of 5.6%. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge’s payout ratio is presently 134.98%.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of analyst reports. Zacks Research cut Enbridge from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a report on Sunday. Argus boosted their price target on Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Jefferies Financial Group raised Enbridge from a “hold” rating to a “buy” rating in a report on Wednesday, July 23rd. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.50.

Enbridge 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.