CI Investments Inc. Sells 416,770 Shares of Enbridge Inc $ENB

Key Points

• CI Investments Inc. cut its position in Enbridge by 96.8%, selling 416,770 shares in the quarter and leaving it with 13,858 shares worth about $699,000.
• Other large institutional moves include Norges Bank opening a new stake (~$1.113 billion) and the Canada Pension Plan Investment Board adding ~3.69 million shares, with institutional investors owning about 54.6% of the stock.
• Analyst sentiment is mixed but the consensus is a Moderate Buy with an average target of $65, and Enbridge recently beat quarterly EPS estimates ($0.63 vs. $0.60).

CI Investments Inc. reduced its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 96.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 13,858 shares of the pipeline company's stock after selling 416,770 shares during the period. CI Investments Inc.'s holdings in Enbridge were worth $699,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Enbridge during the 2nd quarter valued at approximately $1,113,368,000. Canada Pension Plan Investment Board boosted its holdings in Enbridge by 38.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company's stock worth $599,556,000 after buying an additional 3,687,334 shares during the period. Vanguard Group Inc. grew its stake in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company's stock valued at $4,371,580,000 after buying an additional 3,217,961 shares in the last quarter. Geode Capital Management LLC grew its stake in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company's stock valued at $818,620,000 after buying an additional 2,989,992 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Enbridge during the 2nd quarter valued at $132,105,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on ENB shares. Scotiabank restated an "outperform" rating on shares of Enbridge in a research report on Tuesday, February 17th. National Bank Financial reiterated a "sector perform" rating on shares of Enbridge in a research report on Monday, November 10th. Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research note on Tuesday, February 17th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a report on Tuesday, February 17th. Finally, TD Securities downgraded Enbridge from a "buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.00.

Enbridge Trading Up 0.4%

ENB stock opened at $54.08 on Friday. The company has a market capitalization of $117.99 billion, a PE ratio of 23.51 and a beta of 0.67. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.55 and a current ratio of 0.63. Enbridge Inc has a one year low of $39.73 and a one year high of $54.42. The company's 50 day moving average price is $49.62 and its two-hundred day moving average price is $48.59.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $9.10 billion. During the same quarter in the prior year, the company earned $0.75 EPS. As a group, analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

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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