Summit Financial LLC Invests $982,000 in Enbridge Inc. (NYSE:ENB)

Summit Financial LLC purchased a new position in shares of Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 23,146 shares of the pipeline company's stock, valued at approximately $982,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in shares of Enbridge by 0.7% in the fourth quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock valued at $48,806,000 after acquiring an additional 7,890 shares during the period. Everstar Asset Management LLC acquired a new position in Enbridge during the fourth quarter worth about $399,000. O Shaughnessy Asset Management LLC increased its holdings in Enbridge by 9.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 527,496 shares of the pipeline company's stock valued at $22,368,000 after buying an additional 46,867 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Enbridge by 1.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 458,916 shares of the pipeline company's stock valued at $20,201,000 after buying an additional 4,906 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Enbridge by 396.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 12,047,004 shares of the pipeline company's stock valued at $510,816,000 after purchasing an additional 9,621,425 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ENB. TD Securities started coverage on Enbridge in a research note on Wednesday, January 15th. They issued a "buy" rating on the stock. Royal Bank of Canada raised their price objective on Enbridge from $63.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. Finally, CIBC reiterated an "outperform" rating on shares of Enbridge in a research note on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Enbridge has an average rating of "Moderate Buy" and an average price target of $67.00.

Enbridge Stock Performance

Enbridge stock traded up $0.57 during mid-day trading on Wednesday, reaching $45.14. The company had a trading volume of 2,232,826 shares, compared to its average volume of 4,390,513. The company has a 50 day moving average of $43.48 and a 200-day moving average of $42.57. Enbridge Inc. has a 52 week low of $32.86 and a 52 week high of $45.78. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The firm has a market cap of $98.37 billion, a price-to-earnings ratio of 26.24, a PEG ratio of 3.92 and a beta of 0.95.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The business had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the business earned $0.64 EPS. On average, sell-side analysts expect that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

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.