Synovus Financial Corp raised its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 227,573 shares of the pipeline company’s stock after buying an additional 9,086 shares during the quarter. Synovus Financial Corp’s holdings in Enbridge were worth $9,504,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of ENB. Envestnet Asset Management Inc. lifted its position in Enbridge by 5.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 87,372 shares of the pipeline company’s stock worth $3,654,000 after buying an additional 4,296 shares during the last quarter. Grisanti Capital Management LLC purchased a new position in Enbridge in the 3rd quarter worth approximately $233,000. Private Advisor Group LLC increased its stake in Enbridge by 4.6% in the 3rd quarter. Private Advisor Group LLC now owns 59,197 shares of the pipeline company’s stock worth $2,436,000 after purchasing an additional 2,600 shares during the period. Mackenzie Financial Corp increased its stake in Enbridge by 22.6% in the 3rd quarter. Mackenzie Financial Corp now owns 4,067,578 shares of the pipeline company’s stock worth $170,187,000 after purchasing an additional 749,392 shares during the period. Finally, Stifel Financial Corp increased its stake in Enbridge by 5.5% in the 3rd quarter. Stifel Financial Corp now owns 1,590,281 shares of the pipeline company’s stock worth $66,561,000 after purchasing an additional 82,643 shares during the period. 62.18% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on the company. Zacks Investment Research raised Enbridge from a “sell” rating to a “hold” rating in a research note on Monday. Morgan Stanley reduced their target price on Enbridge from $43.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Friday, November 17th. Canaccord Genuity reissued a “buy” rating and set a $54.00 target price on shares of Enbridge in a research note on Thursday, November 30th. BidaskClub cut Enbridge from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Finally, GMP Securities cut Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Enbridge presently has a consensus rating of “Hold” and an average price target of $52.00.
Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Thursday, November 2nd. The pipeline company reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.03. Enbridge had a return on equity of 5.62% and a net margin of 7.49%. The business had revenue of $9.23 billion for the quarter, compared to the consensus estimate of $8.54 billion. During the same period in the previous year, the company posted $0.47 earnings per share. equities research analysts predict that Enbridge Inc will post 1.55 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be issued a dividend of $0.5278 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.47. This represents a $2.11 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date of this dividend is Wednesday, February 14th. Enbridge’s dividend payout ratio is presently 119.50%.
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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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