The completion of Enbridge Inc.’s (NYSE: ENB) US$28 billion merger with Spectra Energy Corp. on Feb. 27 created not just North America’s largest pipeline and energy infrastructure company, but what could be an investing opportunity.

Financial analysts peppered online sites with “now is the time to buy Enbridge” articles in the days preceding the closing. The consensus stock target price for the Calgary-based company among Canadian banks is CA$62.67 (US$47.80), with Enbridge units priced at CA$55.39 (US$45.25) at midday Feb. 28 on the Toronto Stock Exchange.

Analysts, including one on the Seeking Alpha site, cited the pickup experienced when Enbridge’s merger with Spectra was announced in early September 2016. Over a six-day period, Enbridge units rose by 15.8% on the New York Stock Exchange.

Under terms of the all-stock deal, former Enbridge unitholders now own 57% of the new company, known as Enbridge. Spectra unitholders own 43% of the new company.

“Bringing Enbridge and Spectra together makes strong strategic and financial sense, and the all-stock nature of the transaction provides shareholders of both companies with the opportunity to participate in the significant upside potential of the combined company,” Al Monaco, who continues as CEO of Enbridge, said when the transaction was announced last year.

Former Spectra CEO Greg Ebel is chairman of the combined company.

Enbridge was No. 6 and Spectra was No. 7 in the 2016 Midstream 50, published by Midstream Business, in which companies are ranked by 2015 EBITDA. In enterprise value, Enbridge’s estimated US$130 billion pushes it past Kinder Morgan Inc.’s (NYSE: KMI) estimated US$87.5 billion and Enterprise Products Partners’ (NYSE: EPD) US$82.7 billion.

Joseph Markman can be reached at jmarkman@hartenergy.com and @JHMarkman.