State Farm Mutual Automobile Insurance Co. acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,145,035 shares of the pipeline company’s stock, valued at approximately $257,107,000. State Farm Mutual Automobile Insurance Co. owned about 0.65% of Enbridge at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Enbridge by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 195,023 shares of the pipeline company’s stock valued at $8,214,000 after buying an additional 7,196 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Enbridge by 34.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 9,520 shares of the pipeline company’s stock valued at $400,000 after buying an additional 2,447 shares during the period. Guggenheim Capital LLC boosted its position in shares of Enbridge by 127.7% in the fourth quarter. Guggenheim Capital LLC now owns 129,786 shares of the pipeline company’s stock valued at $5,467,000 after buying an additional 72,784 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Enbridge by 153.9% in the fourth quarter. AQR Capital Management LLC now owns 59,011 shares of the pipeline company’s stock valued at $2,486,000 after buying an additional 35,771 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Enbridge during the fourth quarter valued at approximately $340,124,000. 63.24% of the stock is owned by institutional investors and hedge funds.
Enbridge Inc (NYSE ENB) traded down 0.10% during mid-day trading on Tuesday, reaching $41.69. 1,984,710 shares of the company traded hands. The company’s 50 day moving average price is $39.61 and its 200 day moving average price is $41.13. The firm has a market capitalization of $68.32 billion, a P/E ratio of 43.84 and a beta of 0.61. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.77.
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Several equities research analysts recently issued reports on the stock. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Enbridge in a report on Friday, March 31st. Morgan Stanley reiterated an “equal weight” rating and set a $44.00 target price (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. BidaskClub upgraded shares of Enbridge from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Finally, Zacks Investment Research lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $54.00.
Enbridge Company Profile
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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