11:36 AM EDT, 06/04/2024 (MT Newswires) -- Tudor, Pickering, Holt on Tuesday reiterated its hold rating on the shares of Enbridge ( ENB ) with a C$51.00 price target after the power and pipeline company closed its acquisition of a Utah utility.

"Yesterday morning Enbridge ( ENB ) announced that it closed the second of three U.S. utilities acquisitions from Dominion, Questar Gas Company. Questar and the related Wexpro companies distribute natural gas to ~1.2 million customers predominantly located in Utah. Approximately 97% of the acquired rate base is associated with an area spanning from Salt Lake City down to the Southwest corner of the state, while the remaining 3% serves Southwestern Wyoming and a small portion of Southeastern Idaho. The timing of the deal was in line with comments made during the Q1 earnings call, and we expect the company will update 2024 financial guidance, inclusive of the total Dominion acquisition, on the Q2 earnings call," analyst AJ O'Donnell wrote.

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Price: 49.08, Change: -0.61, Percent Change: -1.23