Arrow Investment Advisors LLC lifted its position in EnLink Midstream LLC (NYSE:ENLC) by 38.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,896 shares of the pipeline company’s stock after buying an additional 12,136 shares during the quarter. Arrow Investment Advisors LLC’s holdings in EnLink Midstream were worth $373,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in EnLink Midstream by 16.8% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 6,463,312 shares of the pipeline company’s stock valued at $65,216,000 after purchasing an additional 928,911 shares during the last quarter. Sunbelt Securities Inc. acquired a new position in EnLink Midstream during the 2nd quarter valued at $119,000. Cadence Capital Management LLC raised its stake in EnLink Midstream by 21.5% during the 2nd quarter. Cadence Capital Management LLC now owns 918,831 shares of the pipeline company’s stock valued at $9,271,000 after purchasing an additional 162,373 shares during the last quarter. Chickasaw Capital Management LLC raised its stake in EnLink Midstream by 4.5% during the 2nd quarter. Chickasaw Capital Management LLC now owns 23,543,728 shares of the pipeline company’s stock valued at $237,556,000 after purchasing an additional 1,012,917 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in EnLink Midstream by 279.2% during the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 40,474 shares of the pipeline company’s stock valued at $344,000 after purchasing an additional 29,800 shares during the last quarter. Hedge funds and other institutional investors own 45.96% of the company’s stock.
Several equities analysts recently commented on ENLC shares. Mizuho started coverage on shares of EnLink Midstream in a research note on Thursday, July 25th. They set a “neutral” rating and a $11.50 target price for the company. Mitsubishi UFJ Financial Group cut shares of EnLink Midstream from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $10.00 in a research note on Wednesday, August 7th. Zacks Investment Research cut shares of EnLink Midstream from a “hold” rating to a “sell” rating in a research note on Tuesday, October 8th. Credit Suisse Group lowered shares of EnLink Midstream from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $13.50 to $8.00 in a report on Monday, August 19th. Finally, Barclays set a $8.00 target price on shares of EnLink Midstream and gave the stock a “hold” rating in a report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $10.59.
ENLC opened at $5.70 on Friday. EnLink Midstream LLC has a twelve month low of $5.35 and a twelve month high of $13.10. The firm’s 50-day simple moving average is $7.32 and its 200-day simple moving average is $9.14. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -81.43, a PEG ratio of 6.32 and a beta of 2.03.
EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.05). EnLink Midstream had a negative return on equity of 0.16% and a negative net margin of 3.21%. The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company earned $0.04 EPS. The firm’s revenue was down 33.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that EnLink Midstream LLC will post 0.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Shareholders of record on Monday, October 28th will be given a dividend of $0.283 per share. The ex-dividend date is Friday, October 25th. This represents a $1.13 dividend on an annualized basis and a yield of 19.86%. EnLink Midstream’s payout ratio is presently -1,614.29%.
In other EnLink Midstream news, Chairman Barry E. Davis bought 136,700 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average cost of $7.32 per share, for a total transaction of $1,000,644.00. Following the transaction, the chairman now owns 1,892,372 shares in the company, valued at approximately $13,852,163.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kyle D. Vann bought 20,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were acquired at an average price of $7.44 per share, for a total transaction of $148,800.00. Following the completion of the transaction, the director now owns 99,907 shares in the company, valued at approximately $743,308.08. The disclosure for this purchase can be found here. Corporate insiders own 1.45% of the company’s stock.
EnLink Midstream Profile
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company 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.
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