Connor Clark & Lunn Investment Management Ltd. Has $498.73 Million Stock Holdings in Enbridge Inc. (NYSE:ENB)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 27.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,278,739 shares of the pipeline company’s stock after purchasing an additional 2,668,692 shares during the period. Enbridge comprises approximately 2.4% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 4th biggest holding. Connor Clark & Lunn Investment Management Ltd. owned about 0.56% of Enbridge worth $498,734,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in shares of Enbridge by 19.4% during the first quarter. BNP Paribas Financial Markets now owns 6,991 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 1,136 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of Enbridge in the 1st quarter worth approximately $1,133,000. Acadian Asset Management LLC purchased a new position in shares of Enbridge during the first quarter valued at approximately $1,146,000. Ameritas Investment Partners Inc. bought a new position in shares of Enbridge during the first quarter valued at approximately $29,000. Finally, UniSuper Management Pty Ltd lifted its stake in Enbridge by 89.9% in the first quarter. UniSuper Management Pty Ltd now owns 30,000 shares of the pipeline company’s stock worth $1,085,000 after acquiring an additional 14,200 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of ENB stock opened at $42.95 on Wednesday. The business’s fifty day moving average is $41.23 and its 200 day moving average is $38.56. 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 stock has a market cap of $93.55 billion, a price-to-earnings ratio of 19.88, a PEG ratio of 4.10 and a beta of 0.93. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $43.31.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The firm had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the prior year, the firm earned $0.46 EPS. Research analysts expect that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be paid a dividend of $0.676 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.30%. Enbridge’s dividend payout ratio (DPR) is currently 121.76%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Morgan Stanley started coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

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.