Infrastructure Investor Global Sells 200,340,753 Shares of EnLink Midstream, LLC (NYSE:ENLC) Stock

EnLink Midstream, LLC (NYSE:ENLC) major shareholder Infrastructure Investor Global sold 200,340,753 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

EnLink Midstream Stock Performance

NYSE ENLC traded down $0.01 on Thursday, hitting $14.60. 2,335,815 shares of the company traded hands, compared to its average volume of 2,039,289. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 41.79 and a beta of 2.40. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. The business’s 50 day moving average price is $14.03 and its 200-day moving average price is $13.65. EnLink Midstream, LLC has a 52-week low of $11.53 and a 52-week high of $14.80.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the firm earned $0.12 earnings per share. EnLink Midstream’s revenue was up 1.4% on a year-over-year basis. Equities analysts expect that EnLink Midstream, LLC will post 0.59 earnings per share for the current year.

EnLink Midstream Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be given a $0.1325 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.63%. EnLink Midstream’s payout ratio is 151.43%.

Institutional Investors Weigh In On EnLink Midstream

Large investors have recently made changes to their positions in the company. Clearbridge Investments LLC bought a new stake in shares of EnLink Midstream in the first quarter worth about $873,000. Hennessy Advisors Inc. increased its holdings in shares of EnLink Midstream by 13.3% in the first quarter. Hennessy Advisors Inc. now owns 2,116,600 shares of the pipeline company’s stock worth $28,870,000 after purchasing an additional 248,100 shares during the last quarter. Miller Howard Investments Inc. NY increased its holdings in shares of EnLink Midstream by 3.3% in the first quarter. Miller Howard Investments Inc. NY now owns 2,160,476 shares of the pipeline company’s stock worth $29,469,000 after purchasing an additional 68,877 shares during the last quarter. Janus Henderson Group PLC bought a new stake in shares of EnLink Midstream in the first quarter worth about $1,453,000. Finally, Westwood Holdings Group Inc. increased its holdings in shares of EnLink Midstream by 22.8% in the first quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock worth $30,629,000 after purchasing an additional 416,424 shares during the last quarter. 45.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ENLC has been the subject of a number of analyst reports. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 target price on shares of EnLink Midstream in a report on Thursday, August 29th. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Friday, August 16th. UBS Group lowered EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a report on Monday, September 30th. Finally, Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Seven equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.44.

About EnLink Midstream

EnLink Midstream, LLC provides midstream energy services in the United States. The company operates through Permian, Louisiana, Oklahoma, North Texas, and Corporate segments. It is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, trans-loading, and selling crude oil and condensate, as well as providing brine disposal services.