HighTower Advisors LLC Cuts Position in EnLink Midstream, LLC (NYSE:ENLC)

HighTower Advisors LLC trimmed its stake in EnLink Midstream, LLC (NYSE:ENLC) by 30.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,517 shares of the pipeline company’s stock after selling 10,480 shares during the period. HighTower Advisors LLC’s holdings in EnLink Midstream were worth $341,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Van ECK Associates Corp lifted its position in EnLink Midstream by 100.8% during the third quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock valued at $1,883,000 after acquiring an additional 63,997 shares during the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of EnLink Midstream by 4.3% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,254,063 shares of the pipeline company’s stock valued at $31,016,000 after purchasing an additional 93,587 shares during the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of EnLink Midstream by 4.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock valued at $32,363,000 after purchasing an additional 106,467 shares during the last quarter. Walleye Capital LLC boosted its position in shares of EnLink Midstream by 1,829.6% in the 3rd quarter. Walleye Capital LLC now owns 282,246 shares of the pipeline company’s stock worth $4,095,000 after purchasing an additional 267,619 shares in the last quarter. Finally, Catalyst Capital Advisors LLC grew its stake 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 buying an additional 1,141,254 shares during the last quarter. 45.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on ENLC shares. Capital One Financial reiterated an “equal weight” rating and issued a $16.00 target price on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Stifel Nicolaus lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a report on Friday, August 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, November 21st. Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price objective on the stock. in a report on Monday, September 16th. Eleven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $15.40.

EnLink Midstream Price Performance

EnLink Midstream stock opened at $14.09 on Monday. The stock has a market capitalization of $6.44 billion, a P/E ratio of 67.10 and a beta of 2.44. The company’s fifty day moving average price is $15.05 and its 200 day moving average price is $14.22. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.42 and a current ratio of 0.42. EnLink Midstream, LLC has a 1 year low of $11.53 and a 1 year high of $16.40.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings results 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 net margin of 1.96% and a return on equity of 9.51%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the business posted $0.10 earnings per share. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. As a group, equities research analysts anticipate that EnLink Midstream, LLC will post 0.51 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 3.76%. The ex-dividend date was Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) is 252.38%.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.84% of the company’s stock.

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.