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 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,357,232 shares of the pipeline company's stock after selling 645,703 shares during the period. EnLink Midstream makes up approximately 2.3% of HITE Hedge Asset Management LLC's holdings, making the stock its 15th largest holding. 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.

Other large investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC acquired a new stake in shares of EnLink Midstream during the 1st quarter valued at about $1,453,000. Comerica Bank grew its stake in shares of EnLink Midstream by 16.2% in the 1st quarter. Comerica Bank now owns 14,793 shares of the pipeline company's stock valued at $202,000 after purchasing an additional 2,063 shares during the period. Cetera Investment Advisers acquired a new position in shares of EnLink Midstream in the 1st quarter worth approximately $1,799,000. Cetera Advisors LLC lifted its position in shares of EnLink Midstream by 14.9% during the 1st quarter. Cetera Advisors LLC now owns 15,589 shares of the pipeline company's stock worth $213,000 after buying an additional 2,025 shares during the period. Finally, SG Americas Securities LLC boosted its stake in EnLink Midstream by 63.1% in the 2nd quarter. SG Americas Securities LLC now owns 12,526 shares of the pipeline company's stock valued at $172,000 after buying an additional 4,846 shares in the last quarter. Institutional investors and hedge funds own 45.87% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Morgan Stanley cut EnLink Midstream from an "overweight" rating to an "equal weight" rating and set a $16.00 price objective for the company. in a report on Monday, September 16th. 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 upgraded shares of EnLink Midstream from a "hold" rating to a "buy" rating in a research note on Tuesday, September 10th. Capital One Financial reaffirmed an "equal weight" rating and set a $16.00 price target on shares of EnLink Midstream in a report on Tuesday, September 3rd. Finally, 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 research note on Friday, August 16th. Ten analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $15.40.

Insider Activity at EnLink Midstream

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.84% of the company's stock.

EnLink Midstream Trading Down 0.1 %

ENLC stock traded down $0.02 during midday trading on Tuesday, reaching $15.55. The company's stock had a trading volume of 2,267,247 shares, compared to its average volume of 2,129,556. The business's 50-day simple moving average is $15.04 and its 200-day simple moving average is $14.05. 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 cap of $7.11 billion, a PE ratio of 74.24 and a beta of 2.44.

EnLink Midstream (NYSE:ENLC - Get Free Report) last posted 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). The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The firm's revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.10 earnings per share. As a group, sell-side analysts expect that EnLink Midstream, LLC will post 0.51 EPS for the current year.

EnLink Midstream Announces Dividend

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

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.