Enbridge Inc (NYSE:ENB) Stake Decreased by Scotia Capital Inc.

Key Points

• Scotia Capital Inc. has reduced its stake in Enbridge Inc. by 3.2%, now holding 14,031,969 shares, which represents 3.3% of its investment portfolio.
• Enbridge recently announced an increase in its quarterly dividend to $0.6839 per share, with a dividend yield of 5.9% and an ex-dividend date set for August 15th.
• Analysts have rated Enbridge with an average rating of "Moderate Buy" and a consensus price target of $67.00, reflecting positive sentiment about the stock's future performance.

Scotia Capital Inc. lowered its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,031,969 shares of the pipeline company's stock after selling 469,013 shares during the quarter. Enbridge accounts for 3.3% of Scotia Capital Inc.'s investment portfolio, making the stock its 6th biggest position. Scotia Capital Inc. owned 0.64% of Enbridge worth $619,205,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in ENB. Garde Capital Inc. purchased a new position in Enbridge in the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Enbridge in the first quarter valued at about $28,000. GeoWealth Management LLC increased its position in shares of Enbridge by 436.4% in the fourth quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company's stock valued at $32,000 after acquiring an additional 611 shares during the period. Wolff Wiese Magana LLC increased its position in shares of Enbridge by 91.3% in the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 365 shares during the period. Finally, Capital A Wealth Management LLC purchased a new position in shares of Enbridge in the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. National Bankshares restated a "sector perform" rating on shares of Enbridge in a research report on Monday, May 12th. Royal Bank Of Canada restated an "outperform" rating and issued a $67.00 price objective on shares of Enbridge in a research report on Monday, May 12th. 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. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Enbridge presently has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Trading Up 2.0%

Shares of ENB opened at $46.18 on Friday. Enbridge Inc has a 1-year low of $36.50 and a 1-year high of $47.44. The company has a current ratio of 0.73, a quick ratio of 0.66 and a debt-to-equity ratio of 1.51. The firm's 50-day moving average price is $45.39 and its 200-day moving average price is $44.55. The firm has a market capitalization of $100.69 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 4.30 and a beta of 0.79.

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 analysts' consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.16% and a return on equity of 10.41%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the firm earned $0.58 earnings per share. Sell-side analysts anticipate that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be paid a dividend of $0.6839 per share. This is a positive change from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. Enbridge's payout ratio is 140.21%.

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.

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