Mackenzie Financial Corp Sells 579,150 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Mackenzie Financial Corp decreased its holdings in Enbridge Inc by 3.1%, owning approximately 18.3 million shares after selling 579,150 shares in the first quarter.
• Enbridge recently reported earnings of $0.72 per share, surpassing estimates of $0.68, but revenue fell short of expectations at $7.27 billion against a forecast of $10.20 billion.
• Wall Street analysts have mixed ratings on Enbridge, with five giving a "hold" recommendation and five assigning a "buy" rating, resulting in an average rating of "Moderate Buy" and a target price of $67.00.

Mackenzie Financial Corp reduced its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 3.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,301,835 shares of the pipeline company's stock after selling 579,150 shares during the quarter. Enbridge accounts for 1.2% of Mackenzie Financial Corp's portfolio, making the stock its 17th biggest holding. Mackenzie Financial Corp owned about 0.84% of Enbridge worth $809,981,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in Enbridge during the fourth quarter valued at $261,000. American Century Companies Inc. increased its position in Enbridge by 3.1% during the fourth quarter. American Century Companies Inc. now owns 223,023 shares of the pipeline company's stock valued at $9,466,000 after acquiring an additional 6,603 shares during the last quarter. Congress Wealth Management LLC DE purchased a new stake in Enbridge during the fourth quarter valued at $325,000. Mitsubishi UFJ Trust & Banking Corp increased its position in Enbridge by 49.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 53,431 shares of the pipeline company's stock valued at $2,272,000 after acquiring an additional 17,700 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its position in Enbridge by 8.1% during the fourth quarter. Orion Portfolio Solutions LLC now owns 50,021 shares of the pipeline company's stock valued at $2,122,000 after acquiring an additional 3,754 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ENB shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $67.00 price objective on shares of Enbridge in a research report on Monday, May 12th. Jefferies Financial Group upgraded Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Finally, Citigroup initiated coverage on Enbridge in a research report on Friday, April 4th. They issued a "buy" rating for the company. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Price Performance

Shares of NYSE:ENB traded down $0.32 during trading on Monday, hitting $44.65. 2,853,686 shares of the company's stock were exchanged, compared to its average volume of 3,833,351. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66. Enbridge Inc has a 52-week low of $36.50 and a 52-week high of $47.44. The business's 50-day simple moving average is $45.41 and its 200 day simple moving average is $44.52. The company has a market cap of $97.35 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 4.19 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. Enbridge had a return on equity of 10.41% and a net margin of 10.16%. The firm had revenue of $7.27 billion during the quarter, compared to analysts' expectations of $10.20 billion. During the same quarter last year, the business posted $0.92 earnings per share. As a group, equities analysts predict that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Company 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.