5 Best Growth Stocks to Buy and Hold in 2023 According to Billionaire Rajiv Jain

3. Enbridge Inc. (NYSE:ENB)

GQG Partners’ Stake Value: $2,059,757,161

Number of Hedge Fund Holders: 25

Enbridge Inc. (NYSE:ENB) is an energy infrastructure company that operates through five segments – Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. In Q1 2023, Rajiv Jain’s GQG Partners owned 54 million shares of Enbridge Inc. (NYSE:ENB) worth $2.05 billion, representing 5.39% of the total holdings. 

On May 3, Enbridge Inc. (NYSE:ENB) declared a C$0.8875 per share quarterly dividend, in line with previous. The dividend is payable on June 1, to shareholders of record on May 15. 

Credit Suisse on May 15 raised the firm’s price target on Enbridge Inc. (NYSE:ENB) to C$58 from C$53 and reiterated a Neutral rating on the shares.

According to Insider Monkey’s first quarter database, 25 hedge funds were bullish on Enbridge Inc. (NYSE:ENB), compared to 21 funds in the earlier quarter. Ken Griffin’s Citadel Investment Group is a prominent position holder in the company. 

Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. (NYSE:ENB) in its Q3 2021 investor letter:

“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”