Magnolia Capital Advisors LLC Makes New $202,000 Investment in Enbridge Inc $ENB

Magnolia Capital Advisors LLC purchased a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 4,455 shares of the pipeline company’s stock, valued at approximately $202,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ENB. Goldman Sachs Group Inc. boosted its stake in Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock worth $1,458,128,000 after purchasing an additional 19,074,827 shares during the period. Nuveen LLC bought a new position in Enbridge in the 1st quarter worth approximately $208,490,000. Canada Pension Plan Investment Board boosted its stake in Enbridge by 39.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company’s stock worth $421,675,000 after purchasing an additional 2,707,068 shares during the period. Maple Brown Abbott Ltd bought a new position in Enbridge in the 1st quarter worth approximately $77,976,000. Finally, JPMorgan Chase & Co. boosted its stake in Enbridge by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock worth $781,792,000 after purchasing an additional 1,680,116 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ENB has been the subject of a number of research reports. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Zacks Research downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. Jefferies Financial Group upgraded Enbridge from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Argus increased their target price on Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. Finally, Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $60.50.

Enbridge Stock Performance

NYSE:ENB opened at $46.41 on Wednesday. The stock’s fifty day moving average is $48.33 and its 200 day moving average is $46.73. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The firm has a market capitalization of $101.23 billion, a PE ratio of 22.86, a PEG ratio of 4.31 and a beta of 0.78. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

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.