Daiwa Securities Group Inc. Reduces Stake in Enbridge Inc. (NYSE:ENB)

Posted by on May 6th, 2023

Daiwa Securities Group Inc. reduced its stake in Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 28.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,500 shares of the pipeline company’s stock after selling 3,000 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Enbridge were worth $293,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Guardian Wealth Advisors LLC bought a new position in Enbridge in the 3rd quarter worth $60,000. Advisors Asset Management Inc. increased its holdings in shares of Enbridge by 9.7% in the third quarter. Advisors Asset Management Inc. now owns 114,371 shares of the pipeline company’s stock worth $4,243,000 after purchasing an additional 10,123 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Enbridge by 2.1% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 142,269 shares of the pipeline company’s stock worth $5,563,000 after purchasing an additional 2,994 shares during the last quarter. Kovack Advisors Inc. bought a new stake in shares of Enbridge in the third quarter worth about $832,000. Finally, Ontario Teachers Pension Plan Board increased its holdings in shares of Enbridge by 62.8% in the third quarter. Ontario Teachers Pension Plan Board now owns 25,382 shares of the pipeline company’s stock worth $940,000 after purchasing an additional 9,793 shares during the last quarter. 49.25% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. StockNews.com assumed coverage on Enbridge in a report on Thursday, March 16th. They issued a “hold” rating on the stock. BMO Capital Markets lowered Enbridge from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 24th. Credit Suisse Group upgraded Enbridge from an “underperform” rating to a “neutral” rating in a research report on Wednesday, March 29th. Finally, National Bank Financial lifted their price target on Enbridge from C$54.00 to C$56.00 in a research report on Friday, January 27th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Enbridge presently has a consensus rating of “Hold” and an average target price of $59.00.

Enbridge Stock Up 1.6 %

Shares of NYSE:ENB opened at $39.91 on Friday. Enbridge Inc. has a 1 year low of $35.02 and a 1 year high of $47.67. The business has a 50 day simple moving average of $38.51 and a two-hundred day simple moving average of $39.39. The firm has a market capitalization of $80.81 billion, a PE ratio of 39.52, a price-to-earnings-growth ratio of 2.93 and a beta of 0.83. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.60 and a quick ratio of 0.49.

Enbridge (NYSE:ENB – Get Rating) (TSE:ENB) last announced its earnings results on Friday, February 10th. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.10). Enbridge had a net margin of 5.67% and a return on equity of 10.30%. The business had revenue of $9.89 billion for the quarter. On average, equities analysts predict that Enbridge Inc. will post 2.21 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 15th will be given a dividend of $0.655 per share. This represents a $2.62 annualized dividend and a dividend yield of 6.56%. The ex-dividend date of this dividend is Friday, May 12th. This is a positive change from Enbridge’s previous quarterly dividend of $0.65. Enbridge’s payout ratio is 262.38%.

Enbridge Company Profile

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Enbridge, Inc engages in the provision of gas and oil. It operates through the following segments: Liquid Pipelines, Gas Distribution and Storage, Gas Transmission and Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and the U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.

Further Reading

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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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