Enbridge Inc $ENB is Addenda Capital Inc.'s 9th Largest Position

Key Points

• Addenda Capital trimmed its Enbridge stake by 2.1% to 1,414,046 shares, making ENB its 9th largest position at 2.4% of the firm's portfolio and roughly $67.63 million (about 0.06% of Enbridge).
• Institutional investors own 54.6% of Enbridge, with several smaller funds increasing stakes, and the company has a market cap of $118.9 billion and a 52‑week range of $39.80–$55.44.
• Analysts hold a consensus "Moderate Buy" with an average target of $65 (RBC lifted its target to $76 while some firms downgraded), and Enbridge recently beat quarterly expectations with EPS $0.63 vs. $0.60 and $17.18 billion in revenue.

Addenda Capital Inc. cut its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,414,046 shares of the pipeline company's stock after selling 29,959 shares during the quarter. Enbridge makes up 2.4% of Addenda Capital Inc.'s investment portfolio, making the stock its 9th largest position. Addenda Capital Inc. owned about 0.06% of Enbridge worth $67,634,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tsfg LLC grew its holdings in shares of Enbridge by 329.6% during the third quarter. Tsfg LLC now owns 494 shares of the pipeline company's stock worth $25,000 after buying an additional 379 shares in the last quarter. Triumph Capital Management purchased a new stake in shares of Enbridge during the third quarter worth about $26,000. Highline Wealth Partners LLC grew its holdings in shares of 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 buying an additional 236 shares in the last quarter. Turning Point Benefit Group Inc. purchased a new stake in shares of Enbridge during the third quarter worth about $28,000. Finally, True Wealth Design LLC grew its holdings in shares of Enbridge by 588.2% during the third quarter. True Wealth Design LLC now owns 585 shares of the pipeline company's stock worth $30,000 after buying an additional 500 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ENB shares. TD Securities downgraded shares of Enbridge from a "buy" rating to a "hold" rating in a report on Tuesday, February 17th. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a report on Saturday, April 4th. Royal Bank Of Canada boosted their target price on shares of Enbridge from $72.00 to $76.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a report on Tuesday, February 17th. Finally, Weiss Ratings upgraded shares of Enbridge from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 9th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge presently has a consensus rating of "Moderate Buy" and an average target price of $65.00.

Enbridge Price Performance

ENB opened at $54.48 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. Enbridge Inc has a 52-week low of $39.80 and a 52-week high of $55.44. The company has a 50 day moving average of $52.83 and a two-hundred day moving average of $49.51. The company has a market cap of $118.89 billion, a P/E ratio of 23.69 and a beta of 0.63.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The firm 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 period in the prior year, the company posted $0.75 earnings per share. On average, analysts expect 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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