EnLink Midstream, LLC (NYSE:ENLC) Shares Purchased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of EnLink Midstream, LLC (NYSE:ENLC) by 32.4% in the third quarter, HoldingsChannel reports. The fund owned 3,324,324 shares of the pipeline company’s stock after buying an additional 812,767 shares during the quarter. EnLink Midstream makes up about 3.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 14th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in EnLink Midstream were worth $48,236,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. ORG Partners LLC acquired a new position in EnLink Midstream during the second quarter worth approximately $28,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of EnLink Midstream during the 2nd quarter worth $56,000. Sunbelt Securities Inc. raised its position in shares of EnLink Midstream by 24.2% in the 1st quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock worth $94,000 after buying an additional 1,343 shares during the period. SG Americas Securities LLC acquired a new position in EnLink Midstream in the first quarter valued at $105,000. Finally, First Horizon Advisors Inc. boosted its holdings in EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 853 shares during the last quarter. 45.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.84% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ENLC. UBS Group downgraded EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a report on Monday, September 30th. StockNews.com upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Morgan Stanley cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target on the stock. in a research report on Monday, September 16th. Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Seven analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.44.

EnLink Midstream Stock Performance

ENLC traded up $0.08 on Tuesday, hitting $14.73. 188,901 shares of the company’s stock were exchanged, compared to its average volume of 2,030,222. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. The stock has a fifty day moving average of $14.19 and a two-hundred day moving average of $13.67. EnLink Midstream, LLC has a twelve month low of $11.53 and a twelve month high of $14.84. The firm has a market cap of $6.80 billion, a PE ratio of 48.88 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same period last year, the business earned $0.12 EPS. The firm’s revenue was up 1.4% on a year-over-year basis. On average, research analysts anticipate that EnLink Midstream, LLC will post 0.59 earnings per share for the current fiscal year.

EnLink Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.1325 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) is 176.67%.

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.