Merewether Investment Management LP Invests $64.48 Million in EnLink Midstream, LLC (NYSE:ENLC)

Merewether Investment Management LP purchased a new position in EnLink Midstream, LLC (NYSE:ENLC - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,443,600 shares of the pipeline company's stock, valued at approximately $64,477,000. EnLink Midstream accounts for approximately 3.0% of Merewether Investment Management LP's investment portfolio, making the stock its 12th biggest position. Merewether Investment Management LP owned about 0.96% of EnLink Midstream as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of ENLC. HITE Hedge Asset Management LLC increased its position in shares of EnLink Midstream by 2,629.4% during the second quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company's stock worth $27,560,000 after acquiring an additional 1,929,551 shares in the last quarter. Catalyst Capital Advisors LLC increased its position in shares of EnLink Midstream by 120.1% during the third quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company's stock worth $30,348,000 after acquiring an additional 1,141,254 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of EnLink Midstream by 32.4% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company's stock worth $48,236,000 after acquiring an additional 812,767 shares in the last quarter. Millennium Management LLC increased its position in shares of EnLink Midstream by 1,433.6% during the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company's stock worth $6,850,000 after acquiring an additional 465,383 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of EnLink Midstream by 64.7% during the second quarter. Cubist Systematic Strategies LLC now owns 969,102 shares of the pipeline company's stock worth $13,335,000 after acquiring an additional 380,729 shares in the last quarter. 45.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ENLC shares. US Capital Advisors downgraded shares of EnLink Midstream from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, November 26th. UBS Group downgraded 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 report on Monday, September 30th. Stifel Nicolaus downgraded shares of EnLink Midstream from a "buy" rating to a "hold" rating and set a $15.00 price objective for the company. in a research report on Friday, August 30th. Raymond James downgraded shares of EnLink Midstream from an "outperform" rating to a "market perform" rating in a research report on Friday, November 8th. Finally, Mizuho reaffirmed a "neutral" rating and issued a $15.00 price objective on shares of EnLink Midstream in a research report on Thursday, October 31st. Ten analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, EnLink Midstream presently has a consensus rating of "Hold" and an average price target of $15.40.

Insiders Place Their Bets

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 document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.84% of the company's stock.

EnLink Midstream Stock Performance

Shares of ENLC stock traded down $0.27 during trading on Wednesday, reaching $15.28. 1,743,746 shares of the company's stock traded hands, compared to its average volume of 2,127,906. The company has a market capitalization of $6.98 billion, a P/E ratio of 74.05 and a beta of 2.44. 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's 50-day moving average is $15.05 and its 200 day moving average is $14.06. EnLink Midstream, LLC has a 1 year low of $11.53 and a 1 year 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) 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 analysts' expectations of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The business's quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 earnings per share. Equities research analysts expect that EnLink Midstream, LLC will post 0.51 EPS for the current year.

EnLink Midstream Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were paid a $0.1325 dividend. This represents a $0.53 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, November 1st. EnLink Midstream's dividend payout ratio is presently 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.