Independent Advisor Alliance Decreases Position in Enbridge Inc. (NYSE:ENB)

Independent Advisor Alliance reduced its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 89,480 shares of the pipeline company’s stock after selling 3,278 shares during the period. Independent Advisor Alliance’s holdings in Enbridge were worth $3,797,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ENB. CIBC Asset Management Inc increased its position in shares of Enbridge by 4.0% during the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after purchasing an additional 936,863 shares in the last quarter. National Bank of Canada FI boosted its stake in Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after purchasing an additional 2,061,758 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Enbridge by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after buying an additional 176,733 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Enbridge by 27.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after buying an additional 2,668,692 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Enbridge by 10.8% in the third quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock worth $416,431,000 after buying an additional 985,546 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ENB. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. TD Securities initiated coverage on Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Finally, Royal Bank of Canada boosted 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Enbridge Stock Performance

NYSE:ENB opened at $42.38 on Wednesday. The company’s 50-day moving average is $43.46 and its two-hundred day moving average is $42.17. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $45.78. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54. The firm has a market capitalization of $92.34 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 3.92 and a beta of 0.95.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.23. The firm had revenue of $11.59 billion for 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 period in the prior year, the firm posted $0.64 earnings per share. Analysts forecast that Enbridge Inc. will post 2.14 EPS 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.