CIBC Asset Management Inc Acquires 936,863 Shares of Enbridge Inc. (NYSE:ENB)

CIBC Asset Management Inc increased its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,161,024 shares of the pipeline company’s stock after buying an additional 936,863 shares during the period. Enbridge accounts for approximately 3.2% of CIBC Asset Management Inc’s investment portfolio, making the stock its 3rd biggest holding. CIBC Asset Management Inc owned about 1.11% of Enbridge worth $984,205,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ENB. Richardson Financial Services Inc. raised its stake in shares of Enbridge by 28.4% in the third quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock worth $45,000 after purchasing an additional 246 shares during the last quarter. First PREMIER Bank raised its position in Enbridge by 1.7% in the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock valued at $631,000 after buying an additional 257 shares during the last quarter. Keudell Morrison Wealth Management lifted its stake in Enbridge by 1.4% during the 3rd quarter. Keudell Morrison Wealth Management now owns 20,242 shares of the pipeline company’s stock valued at $822,000 after acquiring an additional 277 shares in the last quarter. Grove Bank & Trust boosted its holdings in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 279 shares during the last quarter. Finally, MFA Wealth Advisors LLC lifted its position in shares of Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 280 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ENB has been the subject of a number of recent analyst reports. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Morgan Stanley began coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating on the stock. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th.

Enbridge Trading Up 1.4 %

Shares of ENB stock opened at $43.10 on Friday. Enbridge Inc. has a 12-month low of $32.76 and a 12-month high of $43.31. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The company has a 50 day moving average of $41.06 and a 200-day moving average of $38.35. The firm has a market cap of $93.86 billion, a P/E ratio of 19.95, a PEG ratio of 4.13 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The firm had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the company posted $0.46 earnings per share. Sell-side analysts anticipate that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a $0.676 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.70 annualized dividend and a dividend yield of 6.27%. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is 122.22%.

About Enbridge

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.