CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 1,322,040 Shares of EnLink Midstream, LLC (NYSE:ENLC)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its position in shares of EnLink Midstream, LLC (NYSE:ENLC - Free Report) by 39.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,002,284 shares of the pipeline company's stock after selling 1,322,040 shares during the period. EnLink Midstream accounts for approximately 1.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 16th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.44% of EnLink Midstream worth $28,332,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in EnLink Midstream by 9.1% during the second quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company's stock worth $191,000 after buying an additional 1,151 shares during the last quarter. Citigroup Inc. boosted its stake in shares of EnLink Midstream by 0.6% during the 3rd quarter. Citigroup Inc. now owns 267,761 shares of the pipeline company's stock worth $3,885,000 after acquiring an additional 1,473 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in shares of EnLink Midstream by 21.9% during the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company's stock valued at $116,000 after acquiring an additional 1,511 shares during the last quarter. Tidal Investments LLC raised its stake in shares of EnLink Midstream by 9.7% in the 3rd quarter. Tidal Investments LLC now owns 18,315 shares of the pipeline company's stock valued at $266,000 after acquiring an additional 1,623 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of EnLink Midstream by 13.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,090 shares of the pipeline company's stock valued at $233,000 after acquiring an additional 1,958 shares in the last quarter. 45.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ENLC has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, November 21st. US Capital Advisors lowered shares of EnLink Midstream from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. StockNews.com initiated coverage on shares of EnLink Midstream in a report on Thursday. They issued a "hold" rating on the stock. Mizuho restated a "neutral" rating and set a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Finally, Raymond James lowered EnLink Midstream from an "outperform" rating to a "market perform" rating in a research note on Friday, November 8th. Eleven equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, EnLink Midstream has a consensus rating of "Hold" and an average target price of $15.40.

EnLink Midstream Stock Performance

Shares of NYSE ENLC traded down $0.06 during trading hours on Friday, reaching $14.72. The stock had a trading volume of 4,658,162 shares, compared to its average volume of 2,308,254. EnLink Midstream, LLC has a twelve month low of $11.55 and a twelve month high of $16.40. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.42 and a quick ratio of 0.42. The business's fifty day moving average is $14.88 and its two-hundred day moving average is $14.41. The company has a market cap of $6.73 billion, a price-to-earnings ratio of 70.07 and a beta of 2.43.

EnLink Midstream (NYSE:ENLC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) 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 business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the company posted $0.10 EPS. The company's quarterly revenue was down 7.9% compared to the same quarter last year. As a group, research analysts expect that EnLink Midstream, LLC will post 0.46 EPS for the current year.

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.