OMERS ADMINISTRATION Corp Sells 1,872,192 Shares of Enbridge Inc $ENB

Key Points

• OMERS Administration Corp cut its Enbridge stake by 78.9% in the first quarter, selling 1,872,192 shares and leaving it with 500,000 shares worth about $27.0 million.
• Enbridge reported better-than-expected quarterly results, with EPS of $0.71 versus $0.69 expected and revenue of $9.37 billion versus $8.49 billion expected.
• The company continues to pay a high dividend: a quarterly payout of $0.97, or $3.88 annualized, for a 6.8% yield, while analysts currently view the stock as a Moderate Buy.

OMERS ADMINISTRATION Corp reduced its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 78.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 500,000 shares of the pipeline company's stock after selling 1,872,192 shares during the period. OMERS ADMINISTRATION Corp's holdings in Enbridge were worth $27,018,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares during the last quarter. Norges Bank bought a new stake in shares of Enbridge in the fourth quarter worth $1,195,559,000. Geode Capital Management LLC grew its stake in shares of Enbridge by 7.1% in 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 increased its holdings in Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock valued at $942,806,000 after purchasing an additional 858,323 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in Enbridge by 4.9% in the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company's stock valued at $870,577,000 after purchasing an additional 844,594 shares during the period. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analysts Forecast Growth

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

Enbridge Stock Performance

ENB stock opened at $56.84 on Friday. The firm has a market cap of $124.13 billion, a PE ratio of 26.68 and a beta of 0.58. 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 stock has a 50-day moving average price of $55.73 and a 200-day moving average price of $53.24. Enbridge Inc has a 1-year low of $44.58 and a 1-year high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analysts' expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter last year, the firm posted $1.03 earnings per share. As a group, equities research analysts expect that Enbridge Inc will post 2.13 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 6.8%. The ex-dividend date was Friday, May 15th. Enbridge's dividend payout ratio (DPR) is presently 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.

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