Enbridge Inc $ENB Shares Sold by Burgundy Asset Management Ltd.

Key Points

• Burgundy Asset Management Ltd. has decreased its holdings in Enbridge Inc by 6.0%, selling 10,401 shares, and now owns 161,559 shares worth approximately $7.16 million.
• Enbridge recently announced a quarterly dividend increase to $0.6839 per share, reflecting an annualized dividend of $2.74 with a yield of 5.8%.
• The company's stock is currently rated as a "Moderate Buy" by analysts with an average target price of $60.50.

Burgundy Asset Management Ltd. decreased its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 6.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,559 shares of the pipeline company's stock after selling 10,401 shares during the quarter. Burgundy Asset Management Ltd.'s holdings in Enbridge were worth $7,158,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Corient IA LLC acquired a new stake in Enbridge during the first quarter worth about $222,000. Northwest & Ethical Investments L.P. grew its holdings in Enbridge by 17.1% during the first quarter. Northwest & Ethical Investments L.P. now owns 987,592 shares of the pipeline company's stock worth $43,736,000 after acquiring an additional 144,029 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in Enbridge by 15.2% during the first quarter. Steward Partners Investment Advisory LLC now owns 106,611 shares of the pipeline company's stock worth $4,724,000 after acquiring an additional 14,085 shares during the period. Raymond James Financial Inc. grew its holdings in Enbridge by 0.8% during the first quarter. Raymond James Financial Inc. now owns 4,299,977 shares of the pipeline company's stock worth $190,532,000 after acquiring an additional 35,515 shares during the period. Finally, Cresset Asset Management LLC grew its holdings in Enbridge by 63.3% during the first quarter. Cresset Asset Management LLC now owns 89,355 shares of the pipeline company's stock worth $3,958,000 after acquiring an additional 34,633 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on ENB shares. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a report on Monday, May 12th. Zacks Research raised Enbridge from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Raymond James Financial raised Enbridge to a "moderate buy" rating in a report on Wednesday, April 23rd. Argus upped their price target on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $67.00 price target on shares of Enbridge in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Price Performance

ENB stock traded down $0.0950 during trading on Thursday, hitting $47.9350. The stock had a trading volume of 3,823,501 shares, compared to its average volume of 4,010,247. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. Enbridge Inc has a twelve month low of $38.85 and a twelve month high of $48.21. The stock has a market capitalization of $104.52 billion, a P/E ratio of 23.61, a PEG ratio of 4.32 and a beta of 0.79. The company's 50-day moving average price is $45.64 and its two-hundred day moving average price is $44.80.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The company had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. During the same period in the previous year, the firm posted $0.58 EPS. As a group, research analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a dividend of $0.6839 per share. The ex-dividend date is Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.7%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is presently 134.98%.

About Enbridge

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.