Bank of Nova Scotia Has $1.08 Billion Holdings in Enbridge Inc. (NYSE:ENB)

Bank of Nova Scotia increased its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 29,995,342 shares of the pipeline company’s stock after acquiring an additional 1,910,302 shares during the quarter. Enbridge accounts for about 2.0% of Bank of Nova Scotia’s investment portfolio, making the stock its 9th biggest holding. Bank of Nova Scotia’s holdings in Enbridge were worth $1,079,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. BOK Financial Private Wealth Inc. bought a new stake in shares of Enbridge in the fourth quarter worth $25,000. Baystate Wealth Management LLC lifted its position in Enbridge by 836.4% during the fourth quarter. Baystate Wealth Management LLC now owns 721 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 644 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new position in Enbridge during the fourth quarter valued at $28,000. Financial Gravity Asset Management Inc. lifted its position in Enbridge by 2,294.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 886 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 849 shares in the last quarter. Finally, Planned Solutions Inc. purchased a new position in Enbridge during the fourth quarter valued at $34,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of ENB stock traded up $0.82 during trading hours on Friday, hitting $36.58. The stock had a trading volume of 5,358,556 shares, compared to its average volume of 5,689,060. The stock’s 50-day moving average price is $35.87 and its two-hundred day moving average price is $35.47. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.68 and a quick ratio of 0.59. Enbridge Inc. has a one year low of $31.03 and a one year high of $38.37. The stock has a market capitalization of $77.77 billion, a price-to-earnings ratio of 18.57, a PEG ratio of 3.37 and a beta of 0.86.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.677 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.66. This represents a $2.71 annualized dividend and a yield of 7.40%. The ex-dividend date of this dividend is Tuesday, May 14th. Enbridge’s payout ratio is presently 136.04%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group initiated coverage on Enbridge in a research report on Tuesday, February 27th. They set a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.20.

About Enbridge

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.