BNP Paribas Financial Markets Lowers Holdings in EnLink Midstream, LLC (NYSE:ENLC)

BNP Paribas Financial Markets cut its stake in EnLink Midstream, LLC (NYSE:ENLC - Free Report) by 78.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,963 shares of the pipeline company's stock after selling 634,328 shares during the period. BNP Paribas Financial Markets' holdings in EnLink Midstream were worth $2,495,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ENLC. ORG Partners LLC acquired a new position in shares of EnLink Midstream during the 2nd quarter valued at $28,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of EnLink Midstream during the second quarter valued at approximately $56,000. First Horizon Advisors Inc. lifted its holdings in EnLink Midstream by 12.5% during the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company's stock worth $106,000 after acquiring an additional 853 shares during the period. Sunbelt Securities Inc. raised its stake 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 worth $116,000 after purchasing an additional 1,511 shares during the period. Finally, Inscription Capital LLC purchased a new position in EnLink Midstream in the third quarter valued at about $154,000. Institutional investors and hedge funds own 45.87% of the company's stock.

Insider Buying and Selling

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction 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 filing with the SEC, which is available at this link. 0.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on ENLC. Raymond James downgraded shares of EnLink Midstream from an "outperform" rating to a "market perform" rating in a research note on Friday, November 8th. StockNews.com started coverage on EnLink Midstream in a report on Friday. They set a "hold" rating for the company. Stifel Nicolaus downgraded shares of EnLink Midstream from a "buy" rating to a "hold" rating and set a $15.00 price target on the stock. in a report on Friday, August 30th. Morgan Stanley lowered shares of EnLink Midstream from an "overweight" rating to an "equal weight" rating and set a $16.00 target price on the stock. in a report on Monday, September 16th. Finally, Mizuho reaffirmed a "neutral" rating and issued a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Eleven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, EnLink Midstream has a consensus rating of "Hold" and an average price target of $15.40.

EnLink Midstream Stock Performance

Shares of NYSE ENLC traded down $0.14 during trading on Friday, reaching $15.33. 3,667,014 shares of the company traded hands, compared to its average volume of 3,091,719. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.30. EnLink Midstream, LLC has a 52-week low of $11.53 and a 52-week high of $16.40. The stock has a market capitalization of $7.01 billion, a PE ratio of 73.02 and a beta of 2.44. The firm has a 50 day simple moving average of $15.11 and a 200-day simple moving average of $14.09.

EnLink Midstream (NYSE:ENLC - Get Free Report) last posted 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 return on equity of 9.51% and a net margin of 1.96%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.98 billion. During the same period in the previous year, the business posted $0.10 EPS. The business's quarterly revenue was down 7.9% compared to the same quarter last year. Equities research analysts anticipate that EnLink Midstream, LLC will post 0.51 earnings per share for the current year.

EnLink Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were paid a $0.1325 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a yield of 3.46%. 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.