Enbridge Inc (ENB) Shares Bought by Synovus Financial Corp

Synovus Financial Corp boosted its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.8% in the third quarter, HoldingsChannel reports. The firm owned 274,938 shares of the pipeline company’s stock after purchasing an additional 7,558 shares during the period. Synovus Financial Corp’s holdings in Enbridge were worth $8,874,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Legal & General Group Plc grew its stake in Enbridge by 5.2% in the second quarter. Legal & General Group Plc now owns 11,156,728 shares of the pipeline company’s stock valued at $398,416,000 after acquiring an additional 552,015 shares during the period. Massachusetts Financial Services Co. MA grew its stake in Enbridge by 5.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 10,366,559 shares of the pipeline company’s stock valued at $369,983,000 after acquiring an additional 503,975 shares during the period. Toronto Dominion Bank grew its stake in Enbridge by 123.0% in the second quarter. Toronto Dominion Bank now owns 9,644,840 shares of the pipeline company’s stock valued at $347,031,000 after acquiring an additional 5,319,398 shares during the period. Tortoise Capital Advisors L.L.C. grew its stake in Enbridge by 23.6% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,757,583 shares of the pipeline company’s stock valued at $241,178,000 after acquiring an additional 1,291,797 shares during the period. Finally, Swiss National Bank grew its stake in Enbridge by 2.3% in the second quarter. Swiss National Bank now owns 6,153,094 shares of the pipeline company’s stock valued at $219,295,000 after acquiring an additional 137,500 shares during the period. Institutional investors and hedge funds own 58.35% of the company’s stock.

A number of equities research analysts have commented on ENB shares. Zacks Investment Research raised Enbridge from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Monday, October 8th. UBS Group started coverage on Enbridge in a research note on Thursday, October 4th. They issued a “buy” rating for the company. Bank of America raised Enbridge from a “neutral” rating to a “buy” rating and raised their price objective for the company from $49.00 to $50.00 in a research note on Friday, August 17th. Morgan Stanley raised their price objective on Enbridge from $34.00 to $37.00 and gave the company an “equal weight” rating in a research note on Friday, July 13th. Finally, ValuEngine raised Enbridge from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $49.17.

Shares of NYSE:ENB opened at $31.42 on Friday. The company has a market cap of $54.18 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.20 and a beta of 0.53. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.47 and a current ratio of 0.56. Enbridge Inc has a 12-month low of $29.00 and a 12-month high of $41.21.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 2nd. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.28 billion. Enbridge had a return on equity of 8.47% and a net margin of 5.99%. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, research analysts predict that Enbridge Inc will post 2.22 earnings per share for the current fiscal year.

About Enbridge

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.

Further Reading: Market Capitalization – What it Means for Investors

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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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