Ontario Teachers Pension Plan Board Buys New Position in Enbridge Inc $ENB

Key Points

• Ontario Teachers’ Pension Plan Board acquired 8.63 million Enbridge shares worth approximately $467.8 million, making Enbridge its fourth-largest holding and representing about 3.0% of its portfolio.
• Enbridge reported quarterly EPS of $0.46, exceeding estimates of $0.43, while revenue reached $9.70 billion versus expectations of $8.67 billion. Institutional investors own 54.6% of the company.
• Enbridge announced a quarterly dividend of $0.97 per share, equating to a 7.5% yield, while analysts maintain a consensus “Hold” rating with an average price target of $67.

Ontario Teachers Pension Plan Board bought a new stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 8,634,722 shares of the pipeline company's stock, valued at approximately $467,782,000. Enbridge comprises approximately 3.0% of Ontario Teachers Pension Plan Board's holdings, making the stock its 4th largest position. Ontario Teachers Pension Plan Board owned about 0.40% of Enbridge at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Enbridge by 2.1% during the 4th 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 period. Deutsche Bank AG bought a new position in Enbridge in the 2nd quarter worth $1,850,502,000. Norges Bank purchased a new position in Enbridge during the fourth quarter valued at $1,195,559,000. Geode Capital Management LLC lifted its position in Enbridge by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Enbridge by 4.6% during 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. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Up 1.7%

Shares of ENB stock opened at $51.41 on Wednesday. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The firm has a market capitalization of $112.29 billion, a PE ratio of 27.49 and a beta of 0.58. The stock has a fifty day simple moving average of $54.49 and a two-hundred day simple moving average of $53.99.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The business had revenue of $9.70 billion for the quarter, compared to analysts' expectations of $8.67 billion. During the same period last year, the firm earned $0.65 earnings per share. On average, analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's dividend payout ratio (DPR) is 147.06%.

Analysts Set New Price Targets

Several research analysts have recently commented on ENB shares. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Wolfe Research set a $50.00 target price on shares of Enbridge in a report on Tuesday, August 4th. Royal Bank Of Canada raised their target price on shares of Enbridge from $79.00 to $84.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $67.00.

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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