Synovus Financial Corp increased its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 3.8% during the first quarter, HoldingsChannel.com reports. The firm owned 260,482 shares of the pipeline company’s stock after acquiring an additional 9,428 shares during the quarter. Synovus Financial Corp’s holdings in Enbridge were worth $9,459,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc raised its position in Enbridge by 2.5% in the 3rd quarter. Vanguard Group Inc now owns 48,626,327 shares of the pipeline company’s stock worth $1,570,144,000 after purchasing an additional 1,184,467 shares during the period. TD Asset Management Inc. increased its position in shares of Enbridge by 3.7% in the first quarter. TD Asset Management Inc. now owns 46,596,794 shares of the pipeline company’s stock valued at $1,688,151,000 after acquiring an additional 1,648,741 shares during the period. Jarislowsky Fraser Ltd increased its position in shares of Enbridge by 0.5% in the fourth quarter. Jarislowsky Fraser Ltd now owns 24,607,599 shares of the pipeline company’s stock valued at $764,101,000 after acquiring an additional 131,550 shares during the period. CIBC Asset Management Inc increased its position in shares of Enbridge by 4.1% in the first quarter. CIBC Asset Management Inc now owns 22,663,824 shares of the pipeline company’s stock valued at $820,833,000 after acquiring an additional 895,305 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Enbridge by 13.6% in the fourth quarter. Mackenzie Financial Corp now owns 21,632,644 shares of the pipeline company’s stock valued at $672,343,000 after acquiring an additional 2,584,814 shares during the period. Institutional investors own 55.38% of the company’s stock.
ENB opened at $37.47 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.64 and a quick ratio of 0.56. Enbridge Inc has a twelve month low of $28.82 and a twelve month high of $37.96. The company has a market cap of $75.82 billion, a PE ratio of 18.28, a P/E/G ratio of 2.37 and a beta of 0.69.
Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 10th. The pipeline company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.09. Enbridge had a net margin of 9.09% and a return on equity of 8.31%. The firm had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $12.96 billion. During the same period in the previous year, the company earned $0.82 earnings per share. As a group, research analysts predict that Enbridge Inc will post 1.85 EPS for the current fiscal year.
In related news, insider Cynthia L. Hansen acquired 799 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was purchased at an average cost of $49.13 per share, with a total value of $39,254.87. Following the completion of the acquisition, the insider now directly owns 105,423 shares of the company’s stock, valued at $5,179,431.99. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Albert Monaco acquired 7,806 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were bought at an average cost of $49.33 per share, with a total value of $385,069.98. The disclosure for this purchase can be found here. 0.42% of the stock is owned by insiders.
ENB has been the topic of a number of research reports. Scotiabank lowered shares of Enbridge from an “outperform” rating to a “sector perform” rating in a research note on Monday, March 4th. National Bank Financial lowered shares of Enbridge from an “outperform” rating to a “sector perform” rating and set a $35.75 price objective on the stock. in a research note on Monday, March 4th. Credit Suisse Group downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, April 25th. Barclays began coverage on shares of Enbridge in a research note on Tuesday, April 9th. They issued an “overweight” rating on the stock. Finally, Industrial Alliance Securities reiterated a “buy” rating on shares of Enbridge in a research note on Monday, April 8th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $46.46.
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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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