DAVENPORT & Co LLC raised its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,352,260 shares of the pipeline company’s stock after acquiring an additional 8,863 shares during the period. DAVENPORT & Co LLC owned approximately 0.07% of Enbridge worth $49,033,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. AE Wealth Management LLC lifted its position in shares of Enbridge by 2.4% during the 4th quarter. AE Wealth Management LLC now owns 31,348 shares of the pipeline company’s stock worth $974,000 after buying an additional 740 shares during the last quarter. Stock Yards Bank & Trust Co. lifted its position in shares of Enbridge by 25.7% during the 4th quarter. Stock Yards Bank & Trust Co. now owns 9,448 shares of the pipeline company’s stock worth $294,000 after buying an additional 1,930 shares during the last quarter. Morgan Stanley lifted its position in shares of Enbridge by 11.0% during the 3rd quarter. Morgan Stanley now owns 4,787,632 shares of the pipeline company’s stock worth $154,592,000 after buying an additional 472,660 shares during the last quarter. Freestone Capital Holdings LLC purchased a new stake in shares of Enbridge during the 4th quarter worth approximately $3,328,000. Finally, Mutual Advisors LLC purchased a new stake in shares of Enbridge during the 4th quarter worth approximately $478,000. Institutional investors and hedge funds own 56.65% of the company’s stock.
Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Tuesday, February 5th. ValuEngine cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Scotiabank cut shares of Enbridge from an “outperform” rating to a “sector perform” rating in a report on Monday, March 4th. Evercore ISI initiated coverage on shares of Enbridge in a report on Tuesday, February 5th. They issued an “outperform” rating on the stock. Finally, Macquarie initiated coverage on shares of Enbridge in a report on Thursday, January 24th. They issued an “outperform” rating on the stock. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Enbridge currently has an average rating of “Buy” and a consensus price target of $46.46.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, February 15th. The pipeline company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.04. Enbridge had a net margin of 5.64% and a return on equity of 8.72%. The business had revenue of $8.75 billion for the quarter, compared to analysts’ expectations of $12.27 billion. During the same period in the prior year, the company posted $0.61 EPS. As a group, equities research analysts expect that Enbridge Inc will post 1.71 EPS for the current year.
In other Enbridge news, insider Allen C. Capps sold 6,514 shares of the company’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $37.02, for a total value of $241,148.28. Following the transaction, the insider now directly owns 3,437 shares in the company, valued at approximately $127,237.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William T. Yardley sold 14,900 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $36.98, for a total transaction of $551,002.00. Following the completion of the transaction, the insider now owns 94,770 shares in the company, valued at $3,504,594.60. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.
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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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