HITE Hedge Asset Management LLC Sells 645,703 Shares of EnLink Midstream, LLC (NYSE:ENLC)

HITE Hedge Asset Management LLC trimmed its stake in EnLink Midstream, LLC (NYSE:ENLC) by 32.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,357,232 shares of the pipeline company’s stock after selling 645,703 shares during the quarter. EnLink Midstream accounts for 2.3% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 15th biggest holding. HITE Hedge Asset Management LLC owned about 0.29% of EnLink Midstream worth $19,693,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. ORG Partners LLC purchased a new position in shares of EnLink Midstream during the second quarter worth about $28,000. Newbridge Financial Services Group Inc. acquired a new position in EnLink Midstream in the 2nd quarter valued at $56,000. First Horizon Advisors Inc. raised its stake in shares of EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after acquiring an additional 853 shares during the last quarter. Icon Wealth Advisors LLC acquired a new position in shares of EnLink Midstream in the third quarter valued at approximately $107,000. Finally, Sunbelt Securities Inc. increased its holdings in shares of EnLink Midstream by 21.9% in the second quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after purchasing an additional 1,511 shares during the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

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 that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

ENLC has been the topic of a number of research analyst reports. Wells Fargo & Company downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Capital One Financial reaffirmed an “equal weight” rating and set a $16.00 price objective on shares of EnLink Midstream in a report on Tuesday, September 3rd. Stifel Nicolaus cut EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective for the company. in a research note on Friday, August 30th. Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Finally, Mizuho restated a “neutral” rating and set a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Ten analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.40.

EnLink Midstream Trading Down 2.8 %

NYSE:ENLC opened at $15.56 on Tuesday. The company has a 50-day moving average price of $15.04 and a 200-day moving average price of $14.05. 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 stock has a market cap of $7.11 billion, a price-to-earnings ratio of 74.10 and a beta of 2.44. EnLink Midstream, LLC has a 12 month low of $11.53 and a 12 month high of $16.40.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period last year, the company earned $0.10 earnings per share. The firm’s revenue was down 7.9% compared to the same quarter last year. Equities analysts predict 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. Stockholders of record on Friday, November 1st were issued a $0.1325 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Friday, November 1st. EnLink Midstream’s payout ratio is currently 252.38%.

EnLink Midstream Company 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.