Enbridge Inc $ENB Shares Acquired by RNC Capital Management LLC

Key Points

• RNC Capital increased its stake in Enbridge by 1.6% in Q4, buying 22,637 shares to hold 1,446,697 shares total, making Enbridge about 3.1% of RNC's portfolio and its sixth-largest holding (roughly $69.2 million, ~0.07% of Enbridge).
• Analyst sentiment is mixed but leans positive: upgrades from Weiss, Raymond James and RBC (RBC raised its target to $76 and gave an Outperform), while Wall Street Zen downgraded to Sell; the consensus rating is a Moderate Buy with an average target of $65.00.
• Recent results show Enbridge reported an EPS beat ($0.63 vs. $0.60 expected) and revenue of $17.18 billion, with a market cap of $119.46 billion, a P/E of 23.79, and a 12-month trading range of $43.59–$55.49.

RNC Capital Management LLC increased its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 1.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,446,697 shares of the pipeline company's stock after purchasing an additional 22,637 shares during the period. Enbridge accounts for about 3.1% of RNC Capital Management LLC's investment portfolio, making the stock its 6th biggest holding. RNC Capital Management LLC owned about 0.07% of Enbridge worth $69,196,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. IHT Wealth Management LLC boosted its stake in Enbridge by 1.2% in the second quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company's stock valued at $820,000 after acquiring an additional 213 shares during the period. Blue Fin Capital Inc. boosted its stake in Enbridge by 1.3% in the fourth quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company's stock valued at $767,000 after acquiring an additional 213 shares during the period. Copperleaf Capital LLC boosted its stake in Enbridge by 3.6% in the third quarter. Copperleaf Capital LLC now owns 6,328 shares of the pipeline company's stock valued at $319,000 after acquiring an additional 217 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in Enbridge by 2.5% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 8,936 shares of the pipeline company's stock valued at $427,000 after acquiring an additional 218 shares during the period. Finally, PFG Advisors boosted its stake in Enbridge by 4.2% in the third quarter. PFG Advisors now owns 5,479 shares of the pipeline company's stock valued at $276,000 after acquiring an additional 223 shares during the period. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings upgraded Enbridge from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 9th. Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research note on Tuesday, February 17th. Wall Street Zen downgraded Enbridge from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research note on Tuesday, February 17th. Finally, Royal Bank Of Canada lifted their target price on Enbridge from $72.00 to $76.00 and gave the company an "outperform" rating in a research note on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.00.

Enbridge Stock Performance

ENB opened at $54.71 on Tuesday. The business's 50 day moving average is $53.55 and its 200-day moving average is $49.95. The stock has a market cap of $119.46 billion, a PE ratio of 23.79 and a beta of 0.59. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $55.49.

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 analysts' consensus estimates of $0.60 by $0.03. The company had revenue of $17.18 billion for the quarter, compared to analysts' expectations of $9.10 billion. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.During the same quarter in the previous year, the company posted $0.75 earnings per share. On average, analysts predict that Enbridge Inc will post 2.2 earnings per share for the current 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.

Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.