Enbridge Inc sees institutional investment amid stock pullback

Enbridge Inc has seen significant activity from institutional investors and recent market volatility. Envestnet Asset Management Inc increased its stake in the pipeline company by 0.7% during the second quarter, bringing its total ownership to approximately 3,844,716 shares valued at $208,427,000. Other major institutional moves include new positions from Deutsche Bank AG, Norges Bank, the Ontario Teachers Pension Plan Board, and Bank of New York Mellon Corp.

Despite these investments, the stock has experienced a 17% pullback over a three-month period, raising its dividend yield to 5.8%. This decline is attributed to rising interest servicing costs and a leverage ratio that reached 5.1 times Debt-to-EBITDA, exceeding management’s target range. The company also recently conducted a $3 billion equity offering to support capital-intensive projects, including a $2.6 billion acquisition.