HITE Hedge Asset Management LLC Sells 645,703 Shares of EnLink Midstream, LLC (NYSE:ENLC)

HITE Hedge Asset Management LLC trimmed its position in shares of EnLink Midstream, LLC (NYSE:ENLC - Free Report) by 32.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,357,232 shares of the pipeline company's stock after selling 645,703 shares during the period. EnLink Midstream accounts for approximately 2.3% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 15th biggest position. HITE Hedge Asset Management LLC owned approximately 0.29% of EnLink Midstream worth $19,693,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. ORG Partners LLC bought a new stake in EnLink Midstream in the 2nd quarter valued at $28,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of EnLink Midstream during the 2nd quarter worth about $56,000. First Horizon Advisors Inc. boosted its holdings in shares of EnLink Midstream by 12.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company's stock worth $106,000 after buying an additional 853 shares during the period. Icon Wealth Advisors LLC acquired a new position in EnLink Midstream in the 3rd quarter valued at about $107,000. Finally, Sunbelt Securities Inc. raised its holdings in EnLink Midstream by 21.9% in 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 period. Institutional investors and hedge funds own 45.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Mizuho restated a "neutral" rating and set a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, October 31st. Stifel Nicolaus lowered EnLink Midstream from a "buy" rating to a "hold" rating and set a $15.00 price objective on the stock. in a report on Friday, August 30th. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a "hold" rating to a "buy" rating and set a $15.00 price target on the stock in a research note on Friday, August 16th. UBS Group cut shares of EnLink Midstream from a "buy" rating to a "neutral" rating and set a $16.00 price objective for the company. in a research note on Monday, September 30th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, November 21st. Ten 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 company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $15.40.

Insider Buying and Selling at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.84% of the company's stock.

EnLink Midstream Trading Down 0.1 %

NYSE:ENLC traded down $0.02 during mid-day trading on Tuesday, hitting $15.55. 2,267,247 shares of the company's stock were exchanged, compared to its average volume of 2,129,556. EnLink Midstream, LLC has a fifty-two week low of $11.53 and a fifty-two week high of $16.40. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The firm has a market capitalization of $7.11 billion, a P/E ratio of 74.24 and a beta of 2.44. The company has a 50 day simple moving average of $15.04 and a 200-day simple moving average of $14.05.

EnLink Midstream (NYSE:ENLC - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.16). The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. EnLink Midstream's revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 EPS. As a group, research analysts expect that EnLink Midstream, LLC will post 0.51 earnings per share for the current year.

EnLink Midstream Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a $0.1325 dividend. This represents a $0.53 annualized dividend and a yield of 3.41%. The ex-dividend date was Friday, November 1st. EnLink Midstream's payout ratio is presently 252.38%.

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.