PCJ Investment Counsel Ltd. Sells 113,260 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• PCJ Investment Counsel Ltd. has reduced its holdings in Enbridge Inc by 52.3%, now owning 103,370 shares valued at approximately $4.58 million.
• Several institutional investors, like Wealth Enhancement Advisory Services and Canada Pension Plan Investment Board, have increased their stakes in Enbridge, reflecting ongoing confidence in the company.
• Enbridge recently announced a quarterly dividend of $0.6839 per share, an increase from the previous dividend of $0.68, resulting in a 5.8% dividend yield.

PCJ Investment Counsel Ltd. decreased its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 52.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 103,370 shares of the pipeline company's stock after selling 113,260 shares during the period. Enbridge accounts for about 1.8% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 19th biggest holding. PCJ Investment Counsel Ltd.'s holdings in Enbridge were worth $4,576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Enbridge by 1.7% in the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock valued at $4,124,271,000 after buying an additional 1,569,879 shares during the period. TD Asset Management Inc increased its stake in shares of Enbridge by 1.3% in the first quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock valued at $1,737,602,000 after buying an additional 513,058 shares during the period. Deutsche Bank AG increased its stake in shares of Enbridge by 13.9% in the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock valued at $1,541,745,000 after buying an additional 4,426,684 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Enbridge by 137.9% in the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock valued at $1,458,128,000 after buying an additional 19,074,827 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of Enbridge by 1.7% in the fourth quarter. Mackenzie Financial Corp now owns 18,880,985 shares of the pipeline company's stock valued at $800,507,000 after buying an additional 319,435 shares during the period. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analyst Weigh In

ENB has been the subject of several recent analyst reports. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research note on Tuesday. Raymond James Financial raised Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $67.00 target price on shares of Enbridge in a research note on Monday, May 12th. Finally, Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Stock Down 0.1%

NYSE:ENB traded down $0.05 on Friday, hitting $47.03. The stock had a trading volume of 2,387,065 shares, compared to its average volume of 3,980,450. The business's fifty day moving average is $45.48 and its 200 day moving average is $44.63. The company has a market cap of $102.55 billion, a PE ratio of 23.17, a P/E/G ratio of 4.32 and a beta of 0.79. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. Enbridge Inc has a 52 week low of $38.44 and a 52 week high of $47.44.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%. During the same quarter in the prior year, the company earned $0.58 earnings per share. On average, equities research analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

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

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.