Price T Rowe Associates Inc. MD Has $282.71 Million Stake in Enbridge Inc $ENB

Key Points

• Price T Rowe Associates Inc. reduced its stake in Enbridge Inc. by 18.5%, now owning approximately 6.38 million shares worth about $282.7 million.
• Enbridge recently announced a quarterly dividend increase to $0.6839 per share, with a current annualized yield of 5.7%.
• According to analysts, Enbridge has a consensus rating of "Moderate Buy" with a price target of $60.50, following a recent upgrade from Jefferies Financial Group.

Price T Rowe Associates Inc. MD trimmed its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 18.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,380,246 shares of the pipeline company's stock after selling 1,451,382 shares during the period. Price T Rowe Associates Inc. MD owned 0.29% of Enbridge worth $282,710,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Enbridge by 1.7% during the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after buying an additional 1,569,879 shares during the last quarter. GQG Partners LLC raised its stake in shares of Enbridge by 1.5% during the first quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock worth $3,338,405,000 after buying an additional 1,148,580 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Enbridge by 1.3% during the first 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 during the last quarter. Deutsche Bank AG raised its stake in shares of Enbridge by 13.9% during the fourth 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 during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Enbridge by 137.9% during the first 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 during the last quarter. 54.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ENB has been the subject of several recent analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Enbridge in a research note on Monday, May 12th. Argus upped their target price on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Stock Up 0.4%

Shares of Enbridge stock traded up $0.19 on Wednesday, hitting $47.63. The company had a trading volume of 3,359,581 shares, compared to its average volume of 4,012,475. The firm has a market capitalization of $103.86 billion, a P/E ratio of 23.46, a P/E/G ratio of 4.35 and a beta of 0.79. Enbridge Inc has a twelve month low of $39.26 and a twelve month high of $48.29. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The stock has a 50-day moving average of $45.75 and a 200-day moving average of $44.91.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly 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 analysts' expectations of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the prior year, the company earned $0.58 earnings per share. Research analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a $0.6839 dividend. This represents a $2.74 annualized dividend and a dividend yield of 5.7%. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date is Friday, August 15th. Enbridge's dividend payout ratio is currently 134.98%.

Enbridge Profile

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.