Hennessy Advisors Inc. lowered its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,253,765 shares of the pipeline company’s stock after selling 117,000 shares during the quarter. Enbridge accounts for 2.1% of Hennessy Advisors Inc.’s holdings, making the stock its 6th biggest position. Hennessy Advisors Inc. owned approximately 0.06% of Enbridge worth $45,462,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Enbridge by 271.9% during the third quarter. JPMorgan Chase & Co. now owns 2,457,415 shares of the pipeline company’s stock worth $79,350,000 after acquiring an additional 1,796,637 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Enbridge by 23.6% in the third quarter. Bank of New York Mellon Corp now owns 2,529,463 shares of the pipeline company’s stock valued at $81,677,000 after acquiring an additional 483,493 shares during the period. Standard Life Aberdeen plc grew its stake in Enbridge by 58.7% in the third quarter. Standard Life Aberdeen plc now owns 475,200 shares of the pipeline company’s stock valued at $15,347,000 after acquiring an additional 175,700 shares during the period. Allianz Asset Management GmbH grew its stake in Enbridge by 38.3% in the third quarter. Allianz Asset Management GmbH now owns 256,311 shares of the pipeline company’s stock valued at $8,281,000 after acquiring an additional 70,989 shares during the period. Finally, People s United Financial Inc. grew its stake in Enbridge by 54.6% in the third quarter. People s United Financial Inc. now owns 9,143 shares of the pipeline company’s stock valued at $296,000 after acquiring an additional 3,230 shares during the period. 56.43% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on ENB shares. Bank of America reissued a “buy” rating on shares of Enbridge in a research note on Tuesday, March 5th. UBS Group cut Enbridge from a “buy” rating to a “neutral” rating in a research report on Friday, February 8th. Scotia Howard Weill cut Enbridge from an “outperform” rating to a “sector perform” rating in a research report on Monday, March 4th. Zacks Investment Research cut Enbridge from a “buy” rating to a “hold” rating in a research report on Wednesday, February 6th. Finally, National Bank Financial cut Enbridge from an “outperform” rating to a “sector perform” rating and set a $35.75 target price on the stock. in a research report on Monday, March 4th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $46.46.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 15th. The pipeline company reported $0.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.04. Enbridge had a return on equity of 8.72% and a net margin of 5.64%. The business had revenue of $8.75 billion for the quarter, compared to analysts’ expectations of $12.27 billion. During the same quarter in the previous year, the firm earned $0.61 earnings per share. As a group, analysts forecast that Enbridge Inc will post 1.72 earnings per share for the current fiscal year.
In other Enbridge news, insider Albert Monaco acquired 7,806 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were acquired at an average price of $49.33 per share, with a total value of $385,069.98. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cynthia L. Hansen acquired 799 shares of the business’s stock in a transaction on Friday, March 1st. The stock was acquired at an average cost of $49.13 per share, for a total transaction of $39,254.87. Following the transaction, the insider now owns 105,423 shares of the company’s stock, valued at approximately $5,179,431.99. The disclosure for this purchase can be found here. 0.48% of the stock is currently owned by insiders.
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Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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