Varma Mutual Pension Insurance Co Raises Holdings in Enbridge Inc $ENB

Varma Mutual Pension Insurance Co lifted its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 443,861 shares of the pipeline company’s stock after purchasing an additional 34,900 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Enbridge were worth $22,397,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ENB. Westwood Holdings Group Inc. increased its holdings in shares of Enbridge by 83.1% in the second quarter. Westwood Holdings Group Inc. now owns 2,301,067 shares of the pipeline company’s stock valued at $104,284,000 after purchasing an additional 1,044,093 shares during the period. Mutual Advisors LLC lifted its holdings in shares of Enbridge by 25.3% during the second quarter. Mutual Advisors LLC now owns 51,995 shares of the pipeline company’s stock worth $2,338,000 after purchasing an additional 10,488 shares during the period. Ritholtz Wealth Management boosted its position in Enbridge by 37.7% in the second quarter. Ritholtz Wealth Management now owns 71,834 shares of the pipeline company’s stock valued at $3,256,000 after buying an additional 19,655 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Enbridge by 0.8% in the second quarter. Envestnet Asset Management Inc. now owns 4,142,927 shares of the pipeline company’s stock valued at $187,705,000 after buying an additional 32,268 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Enbridge by 15.3% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,676,947 shares of the pipeline company’s stock worth $83,176,000 after buying an additional 221,976 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ENB. Royal Bank Of Canada lifted their price objective on shares of Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Zacks Research raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. downgraded shares of Enbridge from an “overweight” rating to a “neutral” rating in a research report on Tuesday, January 27th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a report on Monday, November 10th. Finally, Weiss Ratings upgraded Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Enbridge Stock Performance

Shares of NYSE ENB opened at $51.54 on Thursday. The company has a market capitalization of $112.45 billion, a PE ratio of 28.32 and a beta of 0.69. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80. The company’s fifty day moving average price is $47.77 and its 200 day moving average price is $47.86. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $51.84.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Tuesday, February 17th. This is an increase from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s dividend payout ratio is currently 147.80%.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.