Highstreet Asset Management Inc. boosted its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,401,295 shares of the pipeline company’s stock after purchasing an additional 76,528 shares during the quarter. Enbridge comprises approximately 5.6% of Highstreet Asset Management Inc.’s holdings, making the stock its 3rd largest holding. Highstreet Asset Management Inc. owned 0.09% of Enbridge worth $58,534,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Intercontinental Wealth Advisors LLC purchased a new stake in Enbridge in the 2nd quarter worth $2,812,000. Scotia Capital Inc. lifted its stake in Enbridge by 8.1% in the 2nd quarter. Scotia Capital Inc. now owns 4,590,960 shares of the pipeline company’s stock worth $182,901,000 after purchasing an additional 344,339 shares in the last quarter. Sentry Investments Corp. lifted its stake in Enbridge by 422.2% in the 2nd quarter. Sentry Investments Corp. now owns 3,027,655 shares of the pipeline company’s stock worth $156,409,000 after purchasing an additional 2,447,900 shares in the last quarter. Federated Investors Inc. PA purchased a new stake in Enbridge in the 2nd quarter worth $7,992,000. Finally, Synovus Financial Corp lifted its stake in Enbridge by 3.1% in the 2nd quarter. Synovus Financial Corp now owns 218,487 shares of the pipeline company’s stock worth $8,718,000 after purchasing an additional 6,649 shares in the last quarter. Institutional investors and hedge funds own 61.64% of the company’s stock.
Shares of Enbridge Inc (NYSE:ENB) opened at 38.42 on Friday. The stock has a 50 day moving average of $40.81 and a 200-day moving average of $40.41. The company has a market capitalization of $63.23 billion, a P/E ratio of 30.16 and a beta of 0.65. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $44.52.
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Several brokerages have commented on ENB. Morgan Stanley reiterated an “equal weight” rating and issued a $44.00 price target (down previously from $45.00) on shares of Enbridge in a research note on Friday, July 14th. Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub cut shares of Enbridge from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Finally, GMP Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $56.00.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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