M&T Bank Corp Acquires 20,264 Shares of Enbridge Inc $ENB

Key Points

• M&T Bank Corp raised its stake in Enbridge by 3.5% in Q4, buying 20,264 shares to hold 604,092 shares worth about $28.9 million.
• Enbridge beat Q4 EPS estimates with $0.63 vs. $0.60 consensus and reported revenue of $17.18 billion, with a net margin of 11.3% and ROE of 11.19%.
• Analysts are mixed but the consensus is a Moderate Buy with an average price target of $65.00; the stock trades near $54.71 and the company has a market cap of about $119.5 billion.

M&T Bank Corp lifted its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 3.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 604,092 shares of the pipeline company's stock after purchasing an additional 20,264 shares during the quarter. M&T Bank Corp's holdings in Enbridge were worth $28,894,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in Enbridge by 15.3% in the third quarter. Jones Financial Companies Lllp now owns 1,676,947 shares of the pipeline company's stock valued at $83,176,000 after acquiring an additional 221,976 shares during the last quarter. Trajan Wealth LLC lifted its position in shares of Enbridge by 15.3% in the 3rd quarter. Trajan Wealth LLC now owns 804,261 shares of the pipeline company's stock worth $40,583,000 after purchasing an additional 106,784 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Enbridge by 7.7% in the 3rd quarter. Principal Financial Group Inc. now owns 339,147 shares of the pipeline company's stock valued at $17,113,000 after purchasing an additional 24,165 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Enbridge by 3.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company's stock valued at $53,652,000 after purchasing an additional 41,601 shares during the last quarter. Finally, Viking Fund Management LLC increased its position in shares of Enbridge by 35.2% during the fourth quarter. Viking Fund Management LLC now owns 236,000 shares of the pipeline company's stock worth $11,288,000 after buying an additional 61,500 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Down 0.2%

Shares of NYSE ENB opened at $54.71 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 $119.46 billion, a PE ratio of 23.79 and a beta of 0.59. The company's fifty day simple moving average is $53.55 and its 200 day simple moving average is $49.95. Enbridge Inc has a 12-month low of $43.59 and a 12-month high of $55.49.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.03. The firm had revenue of $17.18 billion during the quarter, compared to the consensus estimate of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, sell-side analysts forecast that Enbridge Inc will post 2.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

ENB has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Saturday, April 4th. JPMorgan Chase & Co. downgraded Enbridge from an "overweight" rating to a "neutral" rating in a report on Tuesday, January 27th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Tuesday, February 17th. TD Securities downgraded Enbridge from a "buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Finally, Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research report on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.

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.