Scotia Capital Inc. grew its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,590,960 shares of the pipeline company’s stock after buying an additional 344,339 shares during the period. Enbridge accounts for about 3.1% of Scotia Capital Inc.’s holdings, making the stock its 4th biggest holding. Scotia Capital Inc. owned 0.28% of Enbridge worth $182,901,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of ENB. Bank of America Corp DE increased its stake in shares of Enbridge by 1,072.3% in the first quarter. Bank of America Corp DE now owns 30,748,683 shares of the pipeline company’s stock valued at $1,286,524,000 after buying an additional 28,125,698 shares during the period. Vanguard Group Inc. boosted its position in shares of Enbridge by 82.9% during the 1st quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after purchasing an additional 17,671,076 shares in the last quarter. State Street Corp bought a new stake in shares of Enbridge during the 1st quarter valued at about $478,509,000. Capital World Investors boosted its position in shares of Enbridge by 8.2% during the 2nd quarter. Capital World Investors now owns 149,378,598 shares of the pipeline company’s stock valued at $5,948,565,000 after purchasing an additional 11,294,003 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Enbridge by 30.6% during the 1st quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock valued at $1,444,626,000 after purchasing an additional 8,072,511 shares in the last quarter. 61.58% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the company. BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Morgan Stanley restated an “equal weight” rating and set a $44.00 target price (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Zacks Investment Research lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $56.00.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The business had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. Analysts forecast that Enbridge Inc will post $1.63 EPS for the current fiscal year.
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Enbridge Company Profile
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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