EnLink Midstream, LLC (NYSE:ENLC) Position Trimmed by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC cut its position in EnLink Midstream, LLC (NYSE:ENLC) by 32.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,357,232 shares of the pipeline company’s stock after selling 645,703 shares during the quarter. EnLink Midstream makes up about 2.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 15th biggest position. HITE Hedge Asset Management LLC owned about 0.29% of EnLink Midstream worth $19,693,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Catalyst Capital Advisors LLC lifted its position in EnLink Midstream by 120.1% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock worth $30,348,000 after acquiring an additional 1,141,254 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of EnLink Midstream by 32.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company’s stock valued at $48,236,000 after purchasing an additional 812,767 shares during the last quarter. Millennium Management LLC boosted its stake in EnLink Midstream by 1,433.6% in the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock valued at $6,850,000 after acquiring an additional 465,383 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of EnLink Midstream by 64.7% during the second quarter. Cubist Systematic Strategies LLC now owns 969,102 shares of the pipeline company’s stock worth $13,335,000 after acquiring an additional 380,729 shares during the period. Finally, Hennessy Advisors Inc. grew its position in shares of EnLink Midstream by 17.0% in the 2nd quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after acquiring an additional 360,400 shares during the period. 45.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ENLC shares. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Friday, August 16th. UBS Group lowered shares of EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 target price on the stock. in a research report on Monday, September 30th. Mizuho reiterated a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Morgan Stanley cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a report on Monday, September 16th. Finally, Raymond James lowered shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a report on Friday, November 8th. Ten equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, EnLink Midstream has a consensus rating of “Hold” and an average price target of $15.40.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.84% of the company’s stock.

EnLink Midstream Price Performance

ENLC stock opened at $15.56 on Tuesday. EnLink Midstream, LLC has a 12-month low of $11.53 and a 12-month high of $16.40. The company has a market capitalization of $7.11 billion, a PE ratio of 74.10 and a beta of 2.44. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The business’s fifty day moving average price is $15.04 and its 200 day moving average price is $14.05.

EnLink Midstream (NYSE:ENLC) last announced its earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.16). The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The firm’s revenue was down 7.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.10 earnings per share. On average, sell-side analysts anticipate that EnLink Midstream, LLC will post 0.51 EPS for the current year.

EnLink Midstream Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were given a $0.1325 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend was Friday, November 1st. EnLink Midstream’s payout ratio is 252.38%.

EnLink Midstream Profile

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.