EnLink Midstream, LLC (NYSE:ENLC) Position Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in EnLink Midstream, LLC (NYSE:ENLC) by 32.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 154,670 shares of the pipeline company’s stock after selling 74,051 shares during the period. State of New Jersey Common Pension Fund D’s holdings in EnLink Midstream were worth $2,128,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Goldman Sachs Group Inc. boosted its stake in EnLink Midstream by 1.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock worth $194,126,000 after purchasing an additional 186,801 shares during the period. Chickasaw Capital Management LLC boosted its position in shares of EnLink Midstream by 5.5% in the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock worth $200,924,000 after buying an additional 759,994 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of EnLink Midstream by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,736,175 shares of the pipeline company’s stock valued at $81,911,000 after buying an additional 342,204 shares in the last quarter. Hennessy Advisors Inc. raised its position in EnLink Midstream by 17.0% during the second quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after buying an additional 360,400 shares during the period. Finally, Miller Howard Investments Inc. NY lifted its stake in EnLink Midstream by 4.3% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,254,063 shares of the pipeline company’s stock worth $31,016,000 after acquiring an additional 93,587 shares in the last quarter. 45.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. StockNews.com raised shares of EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Tudor Pickering upgraded shares of EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Morgan Stanley cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target on the stock. in a report on Monday. Finally, Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, EnLink Midstream presently has an average rating of “Moderate Buy” and a consensus target price of $15.33.

EnLink Midstream Trading Up 0.3 %

EnLink Midstream stock opened at $14.50 on Friday. EnLink Midstream, LLC has a one year low of $11.44 and a one year high of $14.80. The company’s fifty day moving average price is $13.65 and its two-hundred day moving average price is $13.43. The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 41.43 and a beta of 2.40. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The firm’s revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. On average, analysts forecast that EnLink Midstream, LLC will post 0.59 earnings per share for the current fiscal year.

EnLink Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were issued a dividend of $0.1325 per share. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend was Friday, August 2nd. EnLink Midstream’s dividend payout ratio is currently 151.43%.

About EnLink Midstream

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.