Stock price when the opinion was issued
Enbridge wants to buy ENF to simplify their corporate structure. In the States, Enbridge offered a small premium, while in Canada, they offered a premium. He suspects the directors of ENF-T are waiting for a higher premium (or that's what he would do). Pays a higher yield than Enbridge Inc. but lacks the dividend growth potential.
He does generally think this is a good holding. He thinks there are US regulatory headwinds, but is not an expert. There is a strong downtrend in place and it is early to say it has found a bottom. He would want to see a positive shift in fundamentals first.