Bessemer Group Inc. trimmed its holdings in Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 13.5% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 43,458 shares of the pipeline company’s stock after selling 6,760 shares during the quarter. Bessemer Group Inc.’s holdings in Enbridge were worth $1,655,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Enbridge by 3.7% in the first quarter. Vanguard Group Inc. now owns 69,181,872 shares of the pipeline company’s stock worth $3,188,593,000 after buying an additional 2,491,924 shares during the period. Moneta Group Investment Advisors LLC increased its position in Enbridge by 109,143.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 48,468,082 shares of the pipeline company’s stock valued at $1,895,102,000 after purchasing an additional 48,423,715 shares during the period. 1832 Asset Management L.P. increased its position in Enbridge by 9.8% during the 4th quarter. 1832 Asset Management L.P. now owns 24,403,123 shares of the pipeline company’s stock valued at $954,162,000 after purchasing an additional 2,179,892 shares during the period. The Manufacturers Life Insurance Company increased its position in Enbridge by 0.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 20,317,133 shares of the pipeline company’s stock valued at $793,619,000 after purchasing an additional 89,571 shares during the period. Finally, Mackenzie Financial Corp increased its position in Enbridge by 2.9% during the 4th quarter. Mackenzie Financial Corp now owns 19,503,737 shares of the pipeline company’s stock valued at $761,051,000 after purchasing an additional 544,018 shares during the period. 45.70% of the stock is owned by hedge funds and other institutional investors.
Enbridge Price Performance
Shares of NYSE:ENB opened at $34.87 on Monday. The firm’s 50 day moving average price is $36.62 and its 200-day moving average price is $37.77. Enbridge Inc. has a twelve month low of $34.52 and a twelve month high of $44.55. The company has a quick ratio of 0.55, a current ratio of 0.64 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $70.53 billion, a PE ratio of 24.91, a price-to-earnings-growth ratio of 2.74 and a beta of 0.84.
Enbridge Increases Dividend
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. TD Securities reduced their price objective on shares of Enbridge from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, August 8th. Royal Bank of Canada reduced their target price on shares of Enbridge from $65.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, August 7th. Finally, StockNews.com started coverage on shares of Enbridge in a research report on Thursday. They issued a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $57.67.
Check Out Our Latest Stock Report on ENB
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.
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