HITE Hedge Asset Management LLC Acquires 1,929,551 Shares of EnLink Midstream, LLC (NYSE:ENLC)

HITE Hedge Asset Management LLC raised its holdings in EnLink Midstream, LLC (NYSE:ENLC) by 2,629.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,002,935 shares of the pipeline company’s stock after purchasing an additional 1,929,551 shares during the period. EnLink Midstream accounts for about 2.6% of HITE Hedge Asset Management LLC’s holdings, making the stock its 12th biggest position. HITE Hedge Asset Management LLC owned 0.44% of EnLink Midstream worth $27,560,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ENLC. ORG Partners LLC bought a new position in EnLink Midstream in the 2nd quarter worth about $28,000. Sunbelt Securities Inc. grew its stake in EnLink Midstream by 24.2% during the first quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock valued at $94,000 after acquiring an additional 1,343 shares in the last quarter. SG Americas Securities LLC bought a new stake in EnLink Midstream during the 1st quarter worth approximately $105,000. First Horizon Advisors Inc. lifted its stake in EnLink Midstream by 12.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after purchasing an additional 853 shares in the last quarter. Finally, Callahan Advisors LLC grew its position in shares of EnLink Midstream by 8.7% during the 2nd quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock valued at $172,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Stifel Nicolaus lowered 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. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, August 29th. Capital One Financial reaffirmed an “equal weight” rating and issued a $16.00 target price on shares of EnLink Midstream in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. boosted their price target on shares of EnLink Midstream from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 10th. Finally, StockNews.com raised shares of EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, EnLink Midstream presently has a consensus rating of “Moderate Buy” and an average price target of $15.33.

EnLink Midstream Price Performance

Shares of EnLink Midstream stock opened at $14.60 on Wednesday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. EnLink Midstream, LLC has a 52-week low of $11.44 and a 52-week high of $14.80. The company has a fifty day moving average of $13.69 and a 200-day moving average of $13.48. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 41.72 and a beta of 2.40.

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

EnLink Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Friday, August 2nd were paid a $0.1325 dividend. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date was Friday, August 2nd. EnLink Midstream’s payout ratio is 151.43%.

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.