Cornercap Investment Counsel Inc. Sells 27,025 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Cornercap Investment Counsel Inc. decreased its position in EnLink Midstream, LLC (NYSE:ENLC) by 57.9% during the 3rd quarter, Holdings Channel reports. The firm owned 19,612 shares of the pipeline company’s stock after selling 27,025 shares during the period. Cornercap Investment Counsel Inc.’s holdings in EnLink Midstream were worth $285,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Entropy Technologies LP grew its holdings in shares of EnLink Midstream by 25.7% in the third quarter. Entropy Technologies LP now owns 57,691 shares of the pipeline company’s stock worth $837,000 after purchasing an additional 11,800 shares during the last quarter. Catalyst Capital Advisors LLC grew its holdings in shares of EnLink Midstream by 120.1% in the third quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock worth $30,348,000 after purchasing an additional 1,141,254 shares during the last quarter. Van ECK Associates Corp lifted its stake in EnLink Midstream by 100.8% in the third quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock worth $1,883,000 after acquiring an additional 63,997 shares during the period. Inscription Capital LLC purchased a new stake in EnLink Midstream in the third quarter worth $154,000. Finally, Insight Folios Inc lifted its stake in EnLink Midstream by 16.3% in the third quarter. Insight Folios Inc now owns 25,077 shares of the pipeline company’s stock worth $364,000 after acquiring an additional 3,510 shares during the period. Institutional investors own 45.87% of the company’s stock.

Insider Activity

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the firm’s stock in a transaction 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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Analyst Ratings Changes

ENLC has been the subject of a number of research analyst reports. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Friday, August 16th. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. Capital One Financial reaffirmed an “equal weight” rating and issued a $16.00 price target on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $15.00 in a research note on Friday, August 30th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price target on shares of EnLink Midstream in a research note on Thursday, August 29th. Nine equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, EnLink Midstream has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Stock Performance

Shares of EnLink Midstream stock opened at $15.49 on Monday. EnLink Midstream, LLC has a 12 month low of $11.53 and a 12 month high of $15.67. The company has a current ratio of 0.42, a quick ratio of 0.65 and a debt-to-equity ratio of 2.30. The business has a fifty day simple moving average of $14.77 and a two-hundred day simple moving average of $13.85. The firm has a market capitalization of $7.08 billion, a P/E ratio of 73.76 and a beta of 2.41.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter in the previous year, the business earned $0.10 earnings per share. EnLink Midstream’s revenue was down 7.9% compared to the same quarter last year. On average, equities analysts forecast that EnLink Midstream, LLC will post 0.55 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were issued a dividend of $0.1325 per share. The ex-dividend date was Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.42%. EnLink Midstream’s payout ratio is presently 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.