Canada Pension Plan Investment Board Increases Stake in Enbridge Inc $ENB

Key Points

• The Canada Pension Plan Investment Board increased its stake in Enbridge Inc by 39.7%, owning approximately 9.5 million shares worth about $421.7 million as of the latest quarter.
• Enbridge announced a quarterly dividend boost to $0.6839 per share, resulting in an annualized dividend of $2.74 and a yield of 5.7%.
• Analysts have a consensus rating of "Moderate Buy" for Enbridge's stock, with a price target averaging $60.50.

Canada Pension Plan Investment Board raised its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 39.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 9,525,987 shares of the pipeline company's stock after purchasing an additional 2,707,068 shares during the period. Canada Pension Plan Investment Board owned 0.44% of Enbridge worth $421,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State of Wyoming increased its stake in shares of Enbridge by 14.2% in the 1st quarter. State of Wyoming now owns 7,860 shares of the pipeline company's stock worth $348,000 after acquiring an additional 980 shares during the last quarter. Truvestments Capital LLC increased its stake in shares of Enbridge by 2,239.2% in the 1st quarter. Truvestments Capital LLC now owns 4,421 shares of the pipeline company's stock worth $196,000 after acquiring an additional 4,232 shares during the last quarter. Quadcap Wealth Management LLC increased its stake in shares of Enbridge by 2.6% in the 1st quarter. Quadcap Wealth Management LLC now owns 23,637 shares of the pipeline company's stock worth $1,047,000 after acquiring an additional 600 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Enbridge by 2.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 20,241 shares of the pipeline company's stock worth $897,000 after purchasing an additional 472 shares during the last quarter. Finally, Harvest Portfolios Group Inc. increased its position in shares of Enbridge by 2.0% during the 1st quarter. Harvest Portfolios Group Inc. now owns 259,045 shares of the pipeline company's stock worth $11,465,000 after purchasing an additional 5,009 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Stock Performance

Shares of ENB opened at $47.83 on Friday. The stock has a 50-day simple moving average of $45.86 and a 200-day simple moving average of $44.95. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The stock has a market capitalization of $104.28 billion, a PE ratio of 23.56, a PEG ratio of 4.35 and a beta of 0.79. Enbridge Inc has a 1 year low of $39.30 and a 1 year high of $48.29.

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

Enbridge Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on ENB. Royal Bank Of Canada reissued an "outperform" rating and set a $67.00 price objective on shares of Enbridge in a research report on Monday, May 12th. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Argus raised their price objective on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Finally, Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

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.

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