Enbridge Inc. (NYSE:ENB) Position Boosted by SouthState Corp

SouthState Corp increased its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 18.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,720 shares of the pipeline company’s stock after purchasing an additional 433 shares during the quarter. SouthState Corp’s holdings in Enbridge were worth $115,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Enbridge by 1,514.7% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,799,345 shares of the pipeline company’s stock valued at $194,938,000 after buying an additional 4,502,115 shares during the period. Raymond James Financial Inc. acquired a new stake in Enbridge during the fourth quarter valued at $180,941,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Enbridge by 27.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after purchasing an additional 2,668,692 shares in the last quarter. National Bank of Canada FI increased its position in Enbridge by 12.8% in the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after purchasing an additional 2,061,758 shares during the last quarter. Finally, Kayne Anderson Capital Advisors LP raised its stake in shares of Enbridge by 55.2% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company’s stock worth $168,258,000 after purchasing an additional 1,472,789 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Enbridge Trading Up 1.5 %

NYSE:ENB opened at $43.47 on Tuesday. The firm has a market cap of $94.73 billion, a price-to-earnings ratio of 25.28, a P/E/G ratio of 3.92 and a beta of 0.95. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. Enbridge Inc. has a 12 month low of $32.86 and a 12 month high of $45.78. The company’s 50 day moving average is $43.46 and its 200-day moving average is $42.26.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The business had revenue of $11.59 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the company posted $0.64 earnings per share. Equities analysts anticipate that Enbridge Inc. will post 2.14 EPS for the current year.

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.