Hennessy Advisors Inc. Sells 2,707,800 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Hennessy Advisors Inc. cut its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC - Free Report) by 96.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 106,300 shares of the pipeline company's stock after selling 2,707,800 shares during the period. Hennessy Advisors Inc.'s holdings in EnLink Midstream were worth $1,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in EnLink Midstream by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company's stock worth $93,884,000 after buying an additional 133,327 shares during the last quarter. Merewether Investment Management LP acquired a new position in shares of EnLink Midstream during the 3rd quarter worth about $64,477,000. Brookfield Corp ON raised its holdings in shares of EnLink Midstream by 97.1% in the 3rd quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company's stock valued at $52,285,000 after purchasing an additional 1,775,203 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in EnLink Midstream by 32.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company's stock valued at $48,236,000 after purchasing an additional 812,767 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its holdings in EnLink Midstream by 4.7% during the second quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company's stock worth $32,363,000 after purchasing an additional 106,467 shares during the period. 45.87% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

EnLink Midstream Stock Up 0.4 %

ENLC traded up $0.07 during midday trading on Friday, hitting $15.37. The company had a trading volume of 2,791,566 shares, compared to its average volume of 1,802,574. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 73.17 and a beta of 2.43. The stock's 50 day moving average price is $14.91 and its 200 day moving average price is $14.38. 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.

EnLink Midstream (NYSE:ENLC - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.16). EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter last year, the company posted $0.10 EPS. The company's quarterly revenue was down 7.9% compared to the same quarter last year. On average, research analysts anticipate that EnLink Midstream, LLC will post 0.46 earnings per share for the current fiscal year.

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.