Hillsdale Investment Management Inc. Has $47.93 Million Stake in Enbridge Inc $ENB

Key Points

• Hillsdale Investment Management cut its Enbridge stake by 24.6% in the first quarter, selling 288,754 shares and ending with 884,313 shares worth about $47.9 million.
• Several other large institutional investors also adjusted their positions in Enbridge, and institutions and hedge funds now own 54.6% of the company.
• Analysts remain mixed but generally positive on Enbridge, with an average rating of “Moderate Buy” and an average price target of $66.50; the company also reported quarterly earnings and maintains a 7.0% dividend yield.

Hillsdale Investment Management Inc. reduced its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 24.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 884,313 shares of the pipeline company's stock after selling 288,754 shares during the quarter. Enbridge accounts for about 1.3% of Hillsdale Investment Management Inc.'s investment portfolio, making the stock its 13th largest holding. Hillsdale Investment Management Inc.'s holdings in Enbridge were worth $47,926,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of ENB. Vanguard Group Inc. grew its position 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 position in Enbridge in the fourth quarter valued at approximately $1,195,559,000. Geode Capital Management LLC lifted its stake in Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock valued at $1,045,172,000 after buying an additional 1,415,995 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock valued at $942,806,000 after buying an additional 858,323 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in shares of Enbridge by 4.9% in the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company's stock valued at $870,577,000 after buying an additional 844,594 shares during the period. Institutional investors and hedge funds own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

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

Enbridge Stock Performance

Shares of NYSE ENB opened at $55.08 on Tuesday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The stock has a 50 day moving average price of $55.47 and a 200 day moving average price of $52.75. The stock has a market capitalization of $120.29 billion, a PE ratio of 25.86 and a beta of 0.58. Enbridge Inc has a 52 week low of $44.37 and a 52 week high of $58.45.

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

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date was Friday, May 15th. Enbridge's payout ratio is presently 133.80%.

About Enbridge

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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