Legal & General Group Plc Has $949.64 Million Stock Position in Enbridge Inc $ENB

Key Points

• Legal & General Group Plc slightly reduced its Enbridge stake by 0.2% to 18,819,541 shares — worth approximately $949.64 million, or about 0.86% of the company.
• Other large institutional moves include Norges Bank establishing a new ~$1.11 billion position and Vanguard holding ~96.4 million shares (~$4.37 billion), with institutions owning 54.60% of Enbridge.
• Analysts have a consensus rating of Moderate Buy with a $65 target, and Enbridge recently beat quarterly EPS estimates ($0.63 vs. $0.60) while trading near $54 and carrying a market cap of roughly $117.7 billion.

Legal & General Group Plc decreased its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 0.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,819,541 shares of the pipeline company's stock after selling 41,934 shares during the quarter. Legal & General Group Plc owned approximately 0.86% of Enbridge worth $949,643,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ENB. Norges Bank bought a new position in shares of Enbridge during the second quarter valued at $1,113,368,000. Canada Pension Plan Investment Board grew its holdings in shares of Enbridge by 38.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company's stock worth $599,556,000 after purchasing an additional 3,687,334 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company's stock worth $4,371,580,000 after purchasing an additional 3,217,961 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company's stock worth $818,620,000 after purchasing an additional 2,989,992 shares in the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in shares of Enbridge during the 2nd quarter worth about $132,105,000. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ENB shares. Citigroup restated a "buy" rating on shares of Enbridge in a research report on Thursday, February 19th. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a report on Tuesday, February 17th. JPMorgan Chase & Co. cut shares of Enbridge from an "overweight" rating to a "neutral" rating in a research note on Tuesday, January 27th. TD Securities lowered Enbridge from a "buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Finally, Zacks Research raised Enbridge from a "strong sell" rating to a "hold" rating in a report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Enbridge currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Enbridge Stock Down 0.2%

Shares of NYSE:ENB opened at $53.96 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.70. The firm has a market cap of $117.74 billion, a P/E ratio of 23.46 and a beta of 0.67. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $54.42. The company's 50-day moving average price is $49.74 and its two-hundred day moving average price is $48.65.

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

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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