Mirae Asset Global Investments Co. Ltd. increased its stake in Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 0.4% during the second quarter, HoldingsChannel reports. The firm owned 2,167,384 shares of the pipeline company’s stock after acquiring an additional 9,413 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Enbridge were worth $80,518,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently modified their holdings of ENB. Coppell Advisory Solutions Corp. bought a new stake in shares of Enbridge in the 4th quarter worth approximately $25,000. Industrial Alliance Investment Management Inc. bought a new stake in shares of Enbridge in the 4th quarter worth approximately $25,000. Steward Financial Group LLC raised its holdings in shares of Enbridge by 114.6% in the 2nd quarter. Steward Financial Group LLC now owns 719 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 384 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Enbridge in the 1st quarter worth approximately $27,000. Finally, Northwest Bank & Trust Co bought a new stake in shares of Enbridge in the 2nd quarter worth approximately $35,000. Institutional investors own 48.29% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on ENB. TD Securities reduced their price objective on shares of Enbridge from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, August 8th. Barclays reduced their price objective on shares of Enbridge from $54.00 to $48.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 18th. StockNews.com began coverage on shares of Enbridge in a research note on Thursday, October 5th. They issued a “hold” rating for the company. BMO Capital Markets began coverage on shares of Enbridge in a research note on Friday, September 8th. They issued a “market perform” rating for the company. Finally, Scotiabank began coverage on shares of Enbridge in a research note on Monday, September 11th. They issued a “sector perform” rating for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Enbridge has an average rating of “Hold” and an average target price of $55.33.
Enbridge Stock Up 2.4 %
ENB opened at $33.68 on Friday. The company has a fifty day moving average price of $33.13 and a 200-day moving average price of $35.40. The firm has a market capitalization of $71.59 billion, a P/E ratio of 30.34, a price-to-earnings-growth ratio of 2.75 and a beta of 0.86. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.67 and a quick ratio of 0.57. Enbridge Inc. has a one year low of $31.03 and a one year high of $42.12.
Enbridge Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.64 per share. The ex-dividend date is Tuesday, November 14th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 7.60%. Enbridge’s dividend payout ratio (DPR) is currently 230.63%.
Enbridge Company 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.
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