500,946 Shares in Enbridge Inc. (NYSE:ENB) Acquired by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC purchased a new position in Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 500,946 shares of the pipeline company's stock, valued at approximately $21,255,000. Enbridge makes up about 1.6% of HITE Hedge Asset Management LLC's holdings, making the stock its 19th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in ENB. McIlrath & Eck LLC increased its stake in Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company's stock valued at $28,000 after purchasing an additional 295 shares during the last quarter. Albion Financial Group UT acquired a new position in Enbridge in the 4th quarter valued at $29,000. Wintrust Investments LLC grew its position in Enbridge by 47.8% during the fourth quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company's stock valued at $31,000 after acquiring an additional 238 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its position in shares of Enbridge by 149.9% in the fourth quarter. Dixon Mitchell Investment Counsel Inc. now owns 967 shares of the pipeline company's stock worth $41,000 after buying an additional 580 shares during the period. Finally, Legend Financial Advisors Inc. acquired a new stake in Enbridge during the 4th quarter valued at approximately $42,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ENB has been the topic of several recent analyst reports. Citigroup started coverage on Enbridge in a research note on Friday, April 4th. They set a "buy" rating on the stock. CIBC reiterated an "outperform" rating on shares of Enbridge in a research note on Wednesday, March 5th. Royal Bank of Canada increased their price objective on shares of Enbridge from $63.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. Finally, TD Securities initiated coverage on Enbridge in a research note on Wednesday, January 15th. They issued a "buy" rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $67.00.

Enbridge Stock Up 1.7 %

NYSE:ENB traded up $0.75 on Friday, hitting $45.32. 4,781,000 shares of the company's stock were exchanged, compared to its average volume of 4,366,022. The company has a market cap of $98.76 billion, a P/E ratio of 26.35, a price-to-earnings-growth ratio of 3.92 and a beta of 0.80. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54. The firm has a 50-day moving average price of $43.15 and a 200-day moving average price of $42.79. Enbridge Inc. has a 52 week low of $34.60 and a 52 week high of $46.12.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.23. The firm had revenue of $11.59 billion for the quarter, compared to analyst estimates of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same period in the prior year, the firm posted $0.64 EPS. As a group, analysts expect that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

Enbridge Company 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.