Public Employees Retirement System of Ohio Invests $17.85 Million in Enbridge Inc. (NYSE:ENB)

Public Employees Retirement System of Ohio acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 439,201 shares of the pipeline company’s stock, valued at approximately $17,848,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. MML Investors Services LLC increased its position in shares of Enbridge by 2.8% during the third quarter. MML Investors Services LLC now owns 325,067 shares of the pipeline company’s stock worth $13,201,000 after buying an additional 8,845 shares during the period. Kimelman & Baird LLC lifted its stake in shares of Enbridge by 48.1% in the third quarter. Kimelman & Baird LLC now owns 4,220 shares of the pipeline company’s stock valued at $171,000 after buying an additional 1,370 shares in the last quarter. Orion Portfolio Solutions LLC lifted its stake in shares of Enbridge by 19.1% in the third quarter. Orion Portfolio Solutions LLC now owns 46,267 shares of the pipeline company’s stock valued at $1,879,000 after buying an additional 7,406 shares in the last quarter. National Bank of Canada FI lifted its position in shares of Enbridge by 12.8% during the third quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock valued at $737,754,000 after purchasing an additional 2,061,758 shares in the last quarter. Finally, Brookfield Corp ON lifted its position in shares of Enbridge by 5,337.9% during the third quarter. Brookfield Corp ON now owns 989,969 shares of the pipeline company’s stock valued at $40,203,000 after purchasing an additional 971,764 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ENB shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 price objective (up previously from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Morgan Stanley began coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $63.00.

Enbridge Price Performance

ENB stock opened at $42.32 on Wednesday. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. Enbridge Inc. has a one year low of $32.85 and a one year high of $44.13. The stock has a market cap of $92.16 billion, a PE ratio of 19.59, a P/E/G ratio of 4.26 and a beta of 0.94. The firm has a 50 day simple moving average of $41.92 and a two-hundred day simple moving average of $39.17.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The firm had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the previous year, the business posted $0.46 EPS. On average, analysts predict that Enbridge Inc. will post 2.03 EPS for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.33%. Enbridge’s payout ratio is 121.76%.

Enbridge Company 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.