Legal & General Group Plc Sells 5,242,719 Shares of Enbridge Inc. (NYSE:ENB)

Legal & General Group Plc reduced its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 22.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,379,516 shares of the pipeline company’s stock after selling 5,242,719 shares during the quarter. Legal & General Group Plc owned 0.84% of Enbridge worth $779,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of ENB. McIlrath & Eck LLC boosted its holdings in shares of Enbridge by 74.9% during the 3rd 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 stake in Enbridge in the fourth quarter worth approximately $29,000. Wintrust Investments LLC grew its position in Enbridge by 47.8% in the 4th quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 238 shares during the period. Dixon Mitchell Investment Counsel Inc. raised its stake in 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 buying an additional 580 shares during the last quarter. Finally, Legend Financial Advisors Inc. bought a new position in shares of Enbridge during the 4th quarter valued at $42,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

ENB stock opened at $43.34 on Monday. Enbridge Inc. has a 52 week low of $32.86 and a 52 week high of $46.12. The firm has a market capitalization of $94.44 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 3.92 and a beta of 0.80. The company has a fifty day simple moving average of $43.45 and a two-hundred day simple moving average of $42.64. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.23. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same period in the previous year, the firm posted $0.64 earnings per share. Analysts anticipate that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on ENB shares. Royal Bank of Canada upped their price objective on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Citigroup began coverage on shares of Enbridge in a report on Friday. They set a “buy” rating for the company. Finally, TD Securities initiated coverage on Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.00.

Enbridge Profile

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.