Parsons Capital Management Inc. RI purchased a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the first quarter, Holdings Channel reports. The fund purchased 64,624 shares of the pipeline company’s stock, valued at approximately $2,704,000.

Several other hedge funds have also made changes to their positions in ENB. First Personal Financial Services acquired a new stake in shares of Enbridge during the first quarter worth approximately $102,000. Financial Architects Inc boosted its stake in shares of Enbridge by 2,987.7% in the first quarter. Financial Architects Inc now owns 2,501 shares of the pipeline company’s stock worth $105,000 after buying an additional 2,420 shares during the last quarter. Monroe Bank & Trust MI acquired a new stake in shares of Enbridge during the first quarter worth approximately $105,000. Kistler Tiffany Companies LLC acquired a new stake in shares of Enbridge during the first quarter worth approximately $109,000. Finally, Mascoma Wealth Management LLC acquired a new stake in shares of Enbridge during the first quarter worth approximately $111,000. Institutional investors own 62.95% of the company’s stock.

Enbridge Inc (NYSE:ENB) opened at 40.85 on Monday. The company has a market cap of $66.95 billion, a price-to-earnings ratio of 44.16 and a beta of 0.61. Enbridge Inc has a one year low of $37.37 and a one year high of $45.77. The stock has a 50 day moving average of $39.09 and a 200-day moving average of $41.37.

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A number of brokerages recently commented on ENB. Morgan Stanley restated an “equal weight” rating and set a $44.00 price target (down from $45.00) on shares of Enbridge in a research note on Friday. Zacks Investment Research lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Wells Fargo & Company reaffirmed a “market perform” rating on shares of Enbridge in a report on Friday, March 31st. BidaskClub raised shares of Enbridge from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Wolfe Research assumed coverage on shares of Enbridge in a report on Friday, May 12th. They set a “market perform” rating and a $43.00 target price on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $54.00.

About Enbridge

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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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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