Korea Investment CORP Decreases Stock Position in Enbridge Inc $ENB

Key Points

• Korea Investment CORP trimmed its stake in Enbridge by 5.4% in Q3, selling 74,419 shares and reducing its holding to 1,294,602 shares worth about $65.33 million (≈0.06% of the company).
• Enbridge beat quarterly expectations, reporting $0.63 EPS versus a $0.60 consensus and $17.18 billion in revenue, and analysts hold an average rating of Moderate Buy with a consensus price target of $65.00.
• The stock is trading near its 52-week high (opened at $54.08; 52-week high $54.42), has a market capitalization of about $117.99 billion, and roughly 54.6% of shares are held by institutional investors.

Korea Investment CORP cut its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 5.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,294,602 shares of the pipeline company's stock after selling 74,419 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Enbridge worth $65,326,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Tsfg LLC increased its position in Enbridge by 329.6% during the third quarter. Tsfg LLC now owns 494 shares of the pipeline company's stock worth $25,000 after buying an additional 379 shares in the last quarter. Highline Wealth Partners LLC lifted its position in shares of Enbridge by 73.1% in the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company's stock valued at $28,000 after acquiring an additional 236 shares in the last quarter. True Wealth Design LLC boosted its stake in shares of Enbridge by 588.2% during the third quarter. True Wealth Design LLC now owns 585 shares of the pipeline company's stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Financial Gravity Companies Inc. acquired a new stake in shares of Enbridge during the second quarter valued at $29,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in Enbridge during the 2nd quarter worth about $31,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Up 0.4%

Shares of NYSE ENB opened at $54.08 on Monday. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $54.42. The firm has a fifty day moving average of $49.62 and a 200-day moving average of $48.60. The stock has a market capitalization of $117.99 billion, a PE ratio of 23.51 and a beta of 0.67. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.70.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.The business had revenue of $17.18 billion for the quarter, compared to analyst estimates of $9.10 billion. During the same period last year, the company posted $0.75 EPS. On average, analysts anticipate that Enbridge Inc will post 2.14 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ENB. National Bank Financial reissued a "sector perform" rating on shares of Enbridge in a research note on Monday, November 10th. JPMorgan Chase & Co. downgraded shares of Enbridge from an "overweight" rating to a "neutral" rating in a report on Tuesday, January 27th. Scotiabank reissued an "outperform" rating on shares of Enbridge in a research report on Tuesday, February 17th. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research note on Tuesday, February 17th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.00.

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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