Nexus Investment Management ULC Has $29.15 Million Stock Holdings in Enbridge Inc. (NYSE:ENB)

by · The Cerbat Gem

Nexus Investment Management ULC decreased its holdings in shares of Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 7.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 716,617 shares of the pipeline company’s stock after selling 60,045 shares during the period. Enbridge makes up approximately 2.9% of Nexus Investment Management ULC’s holdings, making the stock its 16th largest holding. Nexus Investment Management ULC’s holdings in Enbridge were worth $29,146,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ENB. Vanguard Group Inc. lifted its holdings in shares of Enbridge by 1.5% during the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after buying an additional 1,227,031 shares in the last quarter. TD Asset Management Inc grew its position in Enbridge by 0.9% in the first quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock valued at $1,377,708,000 after acquiring an additional 337,729 shares during the last quarter. 1832 Asset Management L.P. grew its position in Enbridge by 3.9% in the first quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after acquiring an additional 1,360,439 shares during the last quarter. Cibc World Market Inc. grew its position in Enbridge by 12.8% in the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after acquiring an additional 3,693,495 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its position in Enbridge by 3.7% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after acquiring an additional 827,540 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $41.30 on Wednesday. The stock has a market cap of $88.12 billion, a P/E ratio of 20.96, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The stock’s 50-day moving average is $40.18 and its 200-day moving average is $37.42. Enbridge Inc. has a 1-year low of $31.31 and a 1-year high of $41.35.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same period in the previous year, the business posted $0.51 earnings per share. Equities research analysts anticipate that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were paid a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.48%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio is currently 134.01%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $51.50.

Read Our Latest Research Report on ENB

About Enbridge

(Free Report)

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.

Further Reading

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