Barclays Maintains an 'Equalweight' on Enbridge (ENB); Seaway Pipeline Purchase and Reversal Replaces Wrangler Project

Barclays maintains an 'Equalweight' on Enbridge (NYSE: ENB) price target of $37.00.

Barclays analyst says, "Impact to ENB Earnings: Capacity of 150,000 bbls/day will be available by 2Q12 and will gradually ramp up to 400,000 bbls/d by 2013. A 45-mile lateral will also be constructed to connect to Enterprise's ECHO terminal, which would provide access to Houston refining markets. The cost for the reversal, the lateral construction and related facilities is expected to cost $300 million, which will be split evenly between the two companies. ENB's total investment will be $1.3 billion, which we estimate will result in $0.09 to EPS by 2014."

For an analyst ratings summary and ratings history on Enbridge click here. For more ratings news on Enbridge click here.

Shares of Enbridge closed at $34.12 yesterday.

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