First Horizon Corp Has $2.23 Million Stake in Enbridge Inc $ENB

Key Points

• First Horizon Corp increased its Enbridge stake by 2,465.1% in the first quarter, ending with 41,195 shares valued at about $2.23 million.
• Enbridge continues to attract major institutional interest, with firms like Vanguard, Norges Bank, and Geode Capital Management holding large positions; 54.6% of the stock is owned by institutional investors and hedge funds.
• Analysts remain mixed but generally positive: Enbridge has an average "Moderate Buy" rating with a $66.50 price target, while the company also reported earnings and revenue that beat estimates and offers a quarterly dividend yielding about 7.1%.

First Horizon Corp raised its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 2,465.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,195 shares of the pipeline company's stock after acquiring an additional 39,589 shares during the quarter. First Horizon Corp's holdings in Enbridge were worth $2,230,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares during the period. Norges Bank bought a new stake in shares of Enbridge during the 4th quarter valued at about $1,195,559,000. Geode Capital Management LLC grew its stake in Enbridge by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock worth $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Legal & General Group Plc grew its stake in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock worth $942,806,000 after purchasing an additional 858,323 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in Enbridge by 4.9% in the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company's stock worth $870,577,000 after purchasing an additional 844,594 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wall Street Zen lowered Enbridge from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Royal Bank Of Canada raised their price objective on shares of Enbridge from $76.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $66.50.

Enbridge Stock Up 0.1%

Enbridge stock opened at $54.64 on Friday. The firm has a market capitalization of $119.34 billion, a price-to-earnings ratio of 25.65 and a beta of 0.58. The firm's fifty day moving average price is $55.48 and its two-hundred day moving average price is $52.65. Enbridge Inc has a 1-year low of $44.13 and a 1-year high of $58.45. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The company had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $8.49 billion. During the same period in the previous year, the firm posted $1.03 earnings per share. On average, equities research analysts predict that Enbridge Inc will post 2.15 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 7.1%. Enbridge's payout ratio is 133.80%.

Enbridge Company Profile

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.

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