Bank of New York Mellon Corp Grows Holdings in Enbridge Inc. (NYSE:ENB)

Bank of New York Mellon Corp raised its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,156,361 shares of the pipeline company’s stock after buying an additional 327,707 shares during the period. Bank of New York Mellon Corp’s holdings in Enbridge were worth $218,784,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc raised its stake in shares of Enbridge by 4.0% in the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after buying an additional 936,863 shares during the period. National Bank of Canada FI increased its holdings 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 acquiring an additional 2,061,758 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Enbridge by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock valued at $655,556,000 after acquiring an additional 176,733 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Enbridge by 27.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock worth $498,734,000 after purchasing an additional 2,668,692 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Enbridge by 10.8% in the third quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock worth $416,431,000 after purchasing an additional 985,546 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Enbridge stock opened at $41.74 on Friday. The stock has a market cap of $90.94 billion, a price-to-earnings ratio of 24.26, a PEG ratio of 3.92 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The business has a 50-day simple moving average of $43.40 and a 200 day simple moving average of $41.95. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $45.78.

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

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 155.81%.

Analyst Upgrades and Downgrades

ENB has been the topic of a number of analyst reports. Royal Bank of Canada boosted their target price on shares of Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. TD Securities began coverage on Enbridge in a report on Wednesday, January 15th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” 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.