McAlvany Wealth Management LLC lifted its stake in shares of Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 60.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,826 shares of the pipeline company’s stock after purchasing an additional 18,381 shares during the quarter. Enbridge comprises approximately 1.1% of McAlvany Wealth Management LLC’s portfolio, making the stock its 28th biggest position. McAlvany Wealth Management LLC’s holdings in Enbridge were worth $2,270,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in Enbridge by 0.7% during the second quarter. Envestnet Asset Management Inc. now owns 3,844,716 shares of the pipeline company’s stock worth $208,427,000 after buying an additional 26,591 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Enbridge by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,079,469 shares of the pipeline company’s stock valued at $599,709,000 after buying an additional 268,800 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Enbridge by 24.2% during the first quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock valued at $5,956,000 after acquiring an additional 21,442 shares during the last quarter. SCS Capital Management LLC purchased a new stake in shares of Enbridge during the second quarter worth about $9,204,000. Finally, BlackRock Inc. purchased a new stake in Enbridge in the 2nd quarter worth approximately $183,623,000. Institutional investors and hedge funds own 54.60% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently commented on ENB. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Scotiabank raised Enbridge to a “strong-buy” rating in a report on Thursday, September 17th. Jefferies Financial Group reissued a “hold” rating on shares of Enbridge in a research report on Monday, September 14th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Enbridge in a report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Enbridge currently has an average rating of “Moderate Buy” and a consensus target price of $65.88.
Check Out Our Latest Stock Report on ENB
Enbridge Stock Down 0.5%
Enbridge stock opened at $49.20 on Tuesday. The company has a 50-day simple moving average of $48.25 and a 200-day simple moving average of $52.16. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The firm has a market capitalization of $109.66 billion, a P/E ratio of 22.79, a P/E/G ratio of 5.83 and a beta of 0.60. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72.
Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%. The company had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the previous year, the company posted $0.65 earnings per share. As a group, equities analysts expect that Enbridge Inc will post 2.08 earnings per share for the current year.
Enbridge Profile
Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.
The company’s operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.
Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.
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