Bank of Nova Scotia Has $480.52 Million Stake in Enbridge Inc $ENB

Key Points

• Bank of Nova Scotia raised its Enbridge stake by 118.0% in Q3, buying 5,157,030 shares to hold 9,526,380 shares valued at about $480.52 million, representing ~0.8% of the bank's portfolio and roughly 0.44% of Enbridge.
• Enbridge beat quarterly EPS estimates ($0.63 vs. $0.60) and reported $17.18 billion in revenue; the company has a market cap of $118.02 billion, a P/E of 23.52, a 52-week range of $39.73–$54.42, and ~54.6% institutional ownership.
• Analyst sentiment is a consensus "Moderate Buy" with an average price target of $65 (seven Buys and six Holds reported).

Bank of Nova Scotia raised its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 118.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,526,380 shares of the pipeline company's stock after purchasing an additional 5,157,030 shares during the period. Enbridge accounts for approximately 0.8% of Bank of Nova Scotia's investment portfolio, making the stock its 21st biggest position. Bank of Nova Scotia owned approximately 0.44% of Enbridge worth $480,518,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC bought a new position in shares of Enbridge during the fourth quarter worth about $261,000. AQR Capital Management LLC boosted its holdings in Enbridge by 68.5% in the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company's stock valued at $1,264,000 after acquiring an additional 11,599 shares during the last quarter. Fiera Capital Corp increased its position in Enbridge by 89.3% during the 2nd quarter. Fiera Capital Corp now owns 105,596 shares of the pipeline company's stock valued at $4,785,000 after purchasing an additional 49,828 shares during the period. Creative Planning increased its position in Enbridge by 8.3% during the 2nd quarter. Creative Planning now owns 327,132 shares of the pipeline company's stock valued at $14,826,000 after purchasing an additional 25,083 shares during the period. Finally, New England Capital Financial Advisors LLC raised its holdings in Enbridge by 21.0% during the 2nd quarter. New England Capital Financial Advisors LLC now owns 1,285 shares of the pipeline company's stock worth $58,000 after purchasing an additional 223 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Price Performance

Enbridge stock opened at $54.09 on Friday. The stock has a market capitalization of $118.02 billion, a price-to-earnings ratio of 23.52 and a beta of 0.67. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $54.42. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.55 and a current ratio of 0.63. The stock's 50 day moving average price is $50.21 and its two-hundred day moving average price is $48.81.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.03. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. The company had revenue of $17.18 billion during the quarter, compared to analyst estimates of $9.10 billion. During the same quarter in the previous year, the business posted $0.75 EPS. On average, equities analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent analyst reports. Scotiabank restated an "outperform" rating on shares of Enbridge in a research report on Tuesday, February 17th. Zacks Research raised shares of Enbridge from a "strong sell" rating to a "hold" rating in a research note on Monday, December 29th. Raymond James Financial upgraded shares of Enbridge to a "moderate buy" rating in a report on Tuesday, February 17th. TD Securities cut shares of Enbridge from a "buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Finally, BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a report on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $65.00.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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