Hsbc Holdings PLC Grows Stake in Enbridge Inc $ENB

Key Points

• HSBC Holdings PLC boosted its Enbridge stake by 2,018.6% in the first quarter, ending with 103,559 shares valued at about $5.6 million.
• Several other institutional investors also added to Enbridge positions, and 54.6% of the stock is owned by institutions and hedge funds.
• Analyst sentiment remains mixed but constructive: Enbridge has a consensus “Moderate Buy” rating with an average price target of $66.50, while the company also recently reported earnings and maintained a 6.9% dividend yield.

Hsbc Holdings PLC increased its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 2,018.6% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 103,559 shares of the pipeline company's stock after acquiring an additional 98,671 shares during the period. Hsbc Holdings PLC's holdings in Enbridge were worth $5,608,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in ENB. Vanguard Group Inc. increased 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 worth $4,802,766,000 after purchasing an additional 2,067,516 shares during the last quarter. Norges Bank acquired a new stake in shares of Enbridge in the 4th quarter valued at about $1,195,559,000. Geode Capital Management LLC lifted its position in shares of 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 last quarter. Legal & General Group Plc lifted its position in shares of 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 last quarter. Finally, Mackenzie Financial Corp grew its stake 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 owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ENB has been the subject of several research analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. TD Securities reiterated a "hold" rating on shares of Enbridge in a research report on Thursday, July 16th. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Finally, Royal Bank Of Canada upped their price target on Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.50.

Enbridge Stock Performance

ENB opened at $56.38 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. The business's 50 day moving average is $55.70 and its 200-day moving average is $53.22. The stock has a market cap of $123.13 billion, a PE ratio of 26.47 and a beta of 0.58. Enbridge Inc has a twelve month low of $44.58 and a twelve month high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The business had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. During the same period in the prior year, the company posted $1.03 EPS. On average, analysts predict that Enbridge Inc will post 2.13 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders 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 dividend yield of 6.9%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.