Connor Clark & Lunn Investment Management Ltd. Sells 1,544,423 Shares of Enbridge Inc $ENB

Key Points

• Connor Clark & Lunn cut its Enbridge stake by 17.6% in Q3, selling 1,544,423 shares and retaining 7,218,933 shares worth about $364.1 million, with ENB representing 1.1% of the firm's portfolio and its 15th-largest holding.
• Wall Street sentiment skews positive — MarketBeat lists a consensus rating of Moderate Buy and a target price of $65.00 — and Enbridge recently beat quarterly EPS estimates ($0.63 vs. $0.60) while reporting revenue well above expectations ($17.18B vs. $9.10B).

Connor Clark & Lunn Investment Management Ltd. lowered its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 17.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,218,933 shares of the pipeline company's stock after selling 1,544,423 shares during the quarter. Enbridge accounts for 1.1% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 15th biggest position. Connor Clark & Lunn Investment Management Ltd. owned 0.33% of Enbridge worth $364,108,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in ENB. Tsfg LLC increased its stake in Enbridge by 329.6% in the third quarter. Tsfg LLC now owns 494 shares of the pipeline company's stock valued at $25,000 after acquiring an additional 379 shares during the last quarter. Highline Wealth Partners LLC lifted its stake in Enbridge by 73.1% during the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company's stock worth $28,000 after purchasing an additional 236 shares during the last quarter. Financial Gravity Companies Inc. purchased a new position in shares of Enbridge in the 2nd quarter worth about $29,000. True Wealth Design LLC boosted its holdings in shares of Enbridge by 588.2% in the 3rd quarter. True Wealth Design LLC now owns 585 shares of the pipeline company's stock worth $30,000 after purchasing an additional 500 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of Enbridge during the 2nd quarter valued at about $31,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ENB has been the topic of a number of research reports. Weiss Ratings raised Enbridge from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 9th. Scotiabank reiterated an "outperform" rating on shares of Enbridge in a research report on Tuesday, February 17th. JPMorgan Chase & Co. downgraded shares of Enbridge from an "overweight" rating to a "neutral" rating in a research note on Tuesday, January 27th. Raymond James Financial upgraded shares of Enbridge to a "moderate buy" rating in a report on Tuesday, February 17th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research note on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $65.00.

Enbridge Price Performance

Shares of Enbridge stock opened at $53.63 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.70. The company has a market cap of $117.01 billion, a PE ratio of 23.32 and a beta of 0.67. The business has a 50 day moving average of $49.97 and a 200 day moving average of $48.72. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $54.42.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results 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. The business had revenue of $17.18 billion for the quarter, compared to analysts' expectations of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same quarter in the previous year, the business posted $0.75 earnings per share. As a group, equities research analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Profile

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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