Auto Owners Insurance Co Buys 175,015 Shares of Enbridge Inc $ENB

Auto Owners Insurance Co grew its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4,273.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 179,110 shares of the pipeline company’s stock after buying an additional 175,015 shares during the quarter. Auto Owners Insurance Co’s holdings in Enbridge were worth $8,117,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dagco Inc. bought a new stake in Enbridge during the 1st quarter worth about $25,000. Whipplewood Advisors LLC lifted its position in Enbridge by 112.4% during the 2nd quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock worth $26,000 after buying an additional 308 shares in the last quarter. Financial Gravity Asset Management Inc. bought a new stake in Enbridge during the 1st quarter worth about $28,000. Accent Capital Management LLC bought a new stake in Enbridge during the 1st quarter worth about $30,000. Finally, FNY Investment Advisers LLC bought a new stake in Enbridge during the 2nd quarter worth about $36,000. 54.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on ENB shares. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Jefferies Financial Group upgraded shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Finally, Zacks Research lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $60.50.

Enbridge Stock Down 0.3%

Shares of ENB opened at $47.12 on Wednesday. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.54. The firm has a market cap of $102.75 billion, a P/E ratio of 23.21, a price-to-earnings-growth ratio of 4.35 and a beta of 0.78. The firm’s 50-day simple moving average is $48.45 and its 200 day simple moving average is $46.64. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

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

Enbridge Profile

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.