Jennison Associates LLC Raises Stake in Enbridge Inc. (NYSE:ENB)

Jennison Associates LLC lifted its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 76.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 999,358 shares of the pipeline company’s stock after purchasing an additional 433,901 shares during the period. Jennison Associates LLC’s holdings in Enbridge were worth $42,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. CIBC Asset Management Inc raised its holdings in Enbridge by 4.0% during the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after acquiring an additional 936,863 shares during the period. National Bank of Canada FI raised its stake in Enbridge by 12.8% during the 3rd 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 during the period. JPMorgan Chase & Co. raised its stake in Enbridge by 1.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock valued at $655,556,000 after purchasing an additional 176,733 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Enbridge by 27.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock worth $498,734,000 after purchasing an additional 2,668,692 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Enbridge by 10.8% in the 3rd quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock worth $416,431,000 after purchasing an additional 985,546 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Price Performance

Enbridge stock opened at $43.73 on Wednesday. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $45.78. The company has a market cap of $95.25 billion, a price-to-earnings ratio of 20.24, a PEG ratio of 4.02 and a beta of 0.94. The firm’s fifty day moving average is $43.11 and its 200 day moving average is $41.27. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be given a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 6.13%. Enbridge’s dividend payout ratio is currently 121.76%.

Wall Street Analyst Weigh In

ENB has been the topic of several research analyst reports. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. TD Securities initiated coverage on Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Morgan Stanley initiated coverage on Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating for the company. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $63.00.

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.