Legal & General Group Plc Cuts Stock Position in Enbridge Inc. (NYSE:ENB)

Legal & General Group Plc trimmed its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 22.2% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,379,516 shares of the pipeline company’s stock after selling 5,242,719 shares during the quarter. Legal & General Group Plc’s holdings in Enbridge were worth $779,690,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ENB. McIlrath & Eck LLC lifted its position in Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares during the last quarter. Albion Financial Group UT purchased a new position in Enbridge in the fourth quarter worth $29,000. Wintrust Investments LLC increased its position in shares of Enbridge by 47.8% during the fourth quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 238 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its holdings in shares of Enbridge by 149.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 967 shares of the pipeline company’s stock valued at $41,000 after purchasing an additional 580 shares during the last quarter. Finally, Legend Financial Advisors Inc. acquired a new stake in shares of Enbridge in the 4th quarter worth $42,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

ENB opened at $43.34 on Monday. The firm has a 50 day moving average of $43.45 and a two-hundred day moving average of $42.64. The firm has a market capitalization of $94.44 billion, a PE ratio of 25.20, a P/E/G ratio of 3.92 and a beta of 0.80. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. Enbridge Inc. has a 12-month low of $32.86 and a 12-month high of $46.12.

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, beating the consensus estimate of $0.52 by $0.23. The company had revenue of $11.59 billion for the quarter, compared to analyst estimates of $4.78 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same period in the prior year, the company earned $0.64 earnings per share. On average, analysts anticipate that Enbridge Inc. will post 2.14 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on ENB shares. TD Securities started coverage on Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Royal Bank of Canada increased their price objective on shares of Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. CIBC reiterated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Finally, Citigroup assumed coverage on shares of Enbridge in a research note on Friday. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $67.00.

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.