CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC - Free Report) by 32.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,324,324 shares of the pipeline company's stock after purchasing an additional 812,767 shares during the quarter. EnLink Midstream comprises approximately 3.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 14th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.72% of EnLink Midstream worth $48,236,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of ENLC. ORG Partners LLC acquired a new stake in shares of EnLink Midstream in the second quarter valued at $28,000. Newbridge Financial Services Group Inc. acquired a new position in EnLink Midstream in the 2nd quarter valued at about $56,000. Sunbelt Securities Inc. increased 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 worth $94,000 after purchasing an additional 1,343 shares during the period. SG Americas Securities LLC acquired a new stake in shares of EnLink Midstream during the first quarter worth about $105,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of 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 purchasing an additional 853 shares during the period. 45.87% of the stock is owned by institutional investors and hedge funds.
In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.84% of the company's stock.
A number of equities research analysts have issued reports on ENLC shares. StockNews.com upgraded shares of EnLink Midstream from a "hold" rating to a "buy" rating in a report on Tuesday, September 10th. Capital One Financial reiterated an "equal weight" rating and issued a $16.00 target price on shares of EnLink Midstream in a report on Tuesday, September 3rd. Wells Fargo & Company cut EnLink Midstream from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $16.00 to $15.00 in a research note on Friday, August 30th. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a "hold" rating to a "buy" rating and set a $15.00 price objective on the stock in a report on Friday, August 16th. Finally, Tudor Pickering upgraded EnLink Midstream to a "strong-buy" rating in a research note on Friday, August 16th. Seven analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, EnLink Midstream currently has a consensus rating of "Hold" and a consensus target price of $15.44.
Check Out Our Latest Report on ENLC
Shares of NYSE:ENLC traded up $0.08 on Tuesday, reaching $14.73. 188,901 shares of the company were exchanged, compared to its average volume of 2,030,222. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 48.88 and a beta of 2.40. EnLink Midstream, LLC has a 1-year low of $11.53 and a 1-year high of $14.84. The company has a 50-day moving average of $14.19 and a 200-day moving average of $13.67. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72.
EnLink Midstream (NYSE:ENLC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.90 billion. During the same period last year, the firm earned $0.12 EPS. EnLink Midstream's revenue was up 1.4% compared to the same quarter last year. Equities analysts forecast that EnLink Midstream, LLC will post 0.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be given a $0.1325 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Friday, November 1st. EnLink Midstream's dividend payout ratio is currently 176.67%.
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.
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