Summit X LLC Takes Position in Enbridge Inc. (NYSE:ENB)

Summit X LLC acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 26,439 shares of the pipeline company’s stock, valued at approximately $1,122,000.

A number of other hedge funds also recently made changes to their positions in the business. HighTower Advisors LLC lifted its position in shares of Enbridge by 21.2% in the fourth quarter. HighTower Advisors LLC now owns 630,625 shares of the pipeline company’s stock valued at $26,757,000 after buying an additional 110,203 shares during the last quarter. Global View Capital Management LLC acquired a new stake in shares of Enbridge in the fourth quarter valued at approximately $675,000. Davis R M Inc. acquired a new stake in shares of Enbridge in the fourth quarter valued at approximately $212,000. Meriwether Wealth & Planning LLC acquired a new stake in shares of Enbridge in the fourth quarter valued at approximately $417,000. Finally, Johnson Investment Counsel Inc. lifted its position in shares of Enbridge by 3.3% in the fourth quarter. Johnson Investment Counsel Inc. now owns 44,359 shares of the pipeline company’s stock valued at $1,882,000 after buying an additional 1,425 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of NYSE ENB opened at $42.38 on Wednesday. The business’s 50 day moving average is $43.46 and its 200-day moving average is $42.17. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $45.78. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. The firm has a market cap of $92.34 billion, a P/E ratio of 24.64, a price-to-earnings-growth ratio of 3.92 and a beta of 0.95.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The firm had revenue of $11.59 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter last year, the company earned $0.64 EPS. Equities research analysts predict that Enbridge Inc. will post 2.14 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ENB shares. Royal Bank of Canada increased their target price on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. CIBC reiterated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Finally, TD Securities started coverage on Enbridge in a research note on Wednesday, January 15th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Enbridge has an average rating of “Moderate Buy” and an average target price of $67.00.

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.