Nuveen LLC Invests $208.49 Million in Enbridge Inc (NYSE:ENB)

Key Points

• Nuveen LLC has invested approximately $208.49 million in Enbridge Inc, acquiring 4,708,340 shares during the 1st quarter.
• Enbridge declared a quarterly dividend of $0.6839 per share, representing a 5.8% dividend yield, which is an increase from the previous quarterly dividend.
• Analysts rate Enbridge with a consensus of "Moderate Buy" and a target price of $67.00, with several brokerages providing updated ratings.

Nuveen LLC acquired a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,708,340 shares of the pipeline company's stock, valued at approximately $208,490,000. Nuveen LLC owned approximately 0.22% of Enbridge at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Enbridge by 6.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock valued at $19,431,000 after purchasing an additional 25,071 shares during the period. Canada Pension Plan Investment Board lifted its stake in Enbridge by 20.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 6,818,919 shares of the pipeline company's stock worth $289,044,000 after purchasing an additional 1,135,000 shares in the last quarter. Hartline Investment Corp lifted its stake in Enbridge by 31.3% in the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock worth $1,600,000 after purchasing an additional 8,610 shares in the last quarter. Wellington Management Group LLP lifted its stake in Enbridge by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock worth $48,806,000 after purchasing an additional 7,890 shares in the last quarter. Finally, JBR Co Financial Management Inc purchased a new stake in shares of Enbridge during the 1st quarter valued at $330,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

Shares of ENB traded down $1.16 during trading hours on Friday, reaching $47.02. 4,289,854 shares of the company's stock traded hands, compared to its average volume of 4,108,400. The business's fifty day simple moving average is $45.55 and its two-hundred day simple moving average is $44.73. The firm has a market capitalization of $102.53 billion, a price-to-earnings ratio of 23.16, a P/E/G ratio of 4.41 and a beta of 0.79. Enbridge Inc has a twelve month low of $38.49 and a twelve month high of $48.21. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%. The business had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. During the same quarter last year, the company posted $0.58 EPS. Analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be paid a $0.6839 dividend. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 5.8%. Enbridge's payout ratio is presently 133.99%.

Analysts Set New Price Targets

ENB has been the subject of several research analyst reports. Argus raised their target price on shares of Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Tuesday. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Raymond James Financial upgraded shares of Enbridge to a "moderate buy" rating in a research report on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.