Enbridge Inc $ENB Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP reduced its stake in Enbridge Inc by 5.6%, now holding 1,397,154 shares valued at approximately $61.8 million.
• Enbridge announced a quarterly dividend of $0.6839, which represents a 5.9% dividend yield and is an increase from its previous dividend of $0.68.
• The company's stock currently has a consensus rating of "Moderate Buy" with an average price target of $60.50 from several research analysts.

Korea Investment CORP trimmed its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 5.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,397,154 shares of the pipeline company's stock after selling 83,379 shares during the period. Korea Investment CORP owned 0.06% of Enbridge worth $61,827,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Enbridge by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after purchasing an additional 1,569,879 shares in the last quarter. GQG Partners LLC increased its stake in shares of Enbridge by 1.5% in the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock worth $3,338,405,000 after purchasing an additional 1,148,580 shares in the last quarter. TD Asset Management Inc increased its stake in Enbridge by 1.3% in the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock worth $1,737,602,000 after buying an additional 513,058 shares in the last quarter. Deutsche Bank AG increased its stake in Enbridge by 13.9% in the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after buying an additional 4,426,684 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after buying an additional 19,074,827 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

Several research firms have commented on ENB. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Argus increased their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Zacks Research raised shares of Enbridge from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Finally, Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Enbridge currently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Enbridge Stock Up 0.0%

ENB traded up $0.0050 during trading on Friday, hitting $47.9450. The stock had a trading volume of 5,030,181 shares, compared to its average volume of 3,850,256. The company has a market capitalization of $104.54 billion, a PE ratio of 23.62, a PEG ratio of 4.39 and a beta of 0.79. Enbridge Inc has a twelve month low of $39.25 and a twelve month high of $48.29. 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 50 day simple moving average of $45.69 and a two-hundred day simple moving average of $44.87.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period last year, the firm earned $0.58 earnings per share. On average, research analysts predict that Enbridge Inc will post 2.14 earnings per share for the current 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 dividend of $0.6839 per share. The ex-dividend date is Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.7%. Enbridge's payout ratio is presently 134.98%.

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.