Bank of New York Mellon Corp Acquires 327,707 Shares of Enbridge Inc. (NYSE:ENB)

Bank of New York Mellon Corp grew its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,156,361 shares of the pipeline company’s stock after purchasing an additional 327,707 shares during the quarter. Bank of New York Mellon Corp owned about 0.24% of Enbridge worth $218,784,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of ENB. apricus wealth LLC boosted its stake in Enbridge by 1.1% in the 4th quarter. apricus wealth LLC now owns 20,615 shares of the pipeline company’s stock valued at $875,000 after purchasing an additional 220 shares during the period. Cornerstone Wealth Management LLC lifted its holdings in shares of Enbridge by 0.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 29,503 shares of the pipeline company’s stock worth $1,252,000 after buying an additional 227 shares in the last quarter. Armstrong Advisory Group Inc. boosted its position in shares of Enbridge by 3.2% in the fourth quarter. Armstrong Advisory Group Inc. now owns 7,508 shares of the pipeline company’s stock valued at $319,000 after acquiring an additional 230 shares during the period. Eagle Bay Advisors LLC grew its stake in shares of Enbridge by 10.6% in the fourth quarter. Eagle Bay Advisors LLC now owns 2,507 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 240 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its position in Enbridge by 3.6% during the fourth quarter. Flagship Harbor Advisors LLC now owns 6,994 shares of the pipeline company’s stock worth $297,000 after acquiring an additional 242 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on ENB shares. TD Securities assumed coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada raised their price objective on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $67.00.

Enbridge Trading Down 0.0 %

ENB opened at $41.74 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $45.78. The stock has a market capitalization of $90.94 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 3.92 and a beta of 0.94. The company has a 50-day simple moving average of $43.40 and a 200 day simple moving average of $41.95.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same quarter in the previous year, the firm earned $0.64 EPS. Analysts predict that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.42%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is 155.81%.

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.