Picton Mahoney Asset Management has made a significant investment in Enbridge Inc, acquiring approximately $132.11 million worth of shares during the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC), Picton Mahoney purchased 2,924,995 shares of the pipeline company’s stock, which now constitutes around 1.4% of their overall portfolio. This positions Enbridge as the firm’s 11th largest investment.
Several other institutional investors have also adjusted their stakes in Enbridge recently. For instance, Dagco Inc. acquired a new stake valued at approximately $25,000 in the first quarter. Whipplewood Advisors LLC increased its position by an impressive 112.4% in the second quarter, bringing its total holdings to 582 shares worth about $26,000 after buying an additional 308 shares. Other notable investments include Financial Gravity Companies Inc. and Accent Capital Management LLC, which purchased stakes valued at $29,000 and $30,000 respectively.
Institutional and hedge fund ownership accounts for approximately 54.60% of Enbridge’s stock, indicating a strong interest from major investors.
Market Analyst Ratings and Stock Performance
Recent evaluations of Enbridge’s stock by market analysts indicate a mixed outlook. Zacks Research downgraded the company’s shares from a “hold” to a “strong sell” rating on November 11, 2023, while Weiss Ratings maintained a “buy (b-)” rating shortly after. Other analysts have also altered their ratings, with CIBC World Markets downgrading Enbridge from “strong-buy” to “hold” on October 9, 2023, and National Bankshares reaffirming a “sector perform” rating on November 10, 2023. Presently, six analysts rate the stock as a “buy,” five as a “hold,” and one as a “sell,” resulting in an average rating of “hold” and a consensus target price of $63.00.
As of Monday, November 14, 2023, Enbridge’s stock opened at $47.97. The company’s fifty-day simple moving average stands at $48.23, while the two-hundred-day moving average is $46.88. Over the past year, the stock has fluctuated between a low of $39.73 and a high of $50.54. Enbridge has a market capitalization of $104.64 billion, a price-to-earnings (PE) ratio of 23.63, and a price-to-earnings-growth (PEG) ratio of 4.31.
Financial Highlights and Dividend Increase
Enbridge recently reported its quarterly earnings on November 7, 2023, revealing earnings per share (EPS) of $0.33 for the period, falling short of the consensus estimate of $0.39 by $0.06. The company generated revenues of $7 billion, below the anticipated $8.45 billion. This performance resulted in a return on equity of 10.77% and a net margin of 10.11%. Analysts project that Enbridge will achieve EPS of $2.14 for the current fiscal year.
In a positive development for shareholders, Enbridge has announced an increase in its quarterly dividend, which is set to be paid on December 1, 2023. Shareholders on record as of November 14, 2023 will receive a dividend of $0.9425 per share, representing a significant increase from the previous dividend of $0.68. This adjustment leads to an annualized dividend of $3.77 and a dividend yield of 7.9%, despite a payout ratio of 147.80%.
Enbridge Inc operates as an energy infrastructure company across various segments, including Liquids Pipelines and Gas Transmission. The company’s extensive network of pipelines facilitates the transportation of crude oil and other hydrocarbons throughout Canada and the United States.
For more insights into Enbridge and other investment opportunities, interested parties can refer to reliable financial news platforms and analyst reports.
