Van ECK Associates Corp Acquires 63,997 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Van ECK Associates Corp boosted its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC) by 100.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 127,462 shares of the pipeline company’s stock after acquiring an additional 63,997 shares during the period. Van ECK Associates Corp’s holdings in EnLink Midstream were worth $1,883,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. ORG Partners LLC acquired a new stake in shares of EnLink Midstream during the second quarter worth $28,000. Newbridge Financial Services Group Inc. bought a new position in EnLink Midstream during the second quarter worth about $56,000. SG Americas Securities LLC acquired a new position in shares of EnLink Midstream during the 1st quarter worth about $105,000. First Horizon Advisors Inc. increased its stake in shares of EnLink Midstream by 12.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 853 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of EnLink Midstream by 21.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after acquiring an additional 1,511 shares during the period. Institutional investors own 45.87% of the company’s stock.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Morgan Stanley downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price for the company. in a research note on Monday, September 16th. UBS Group downgraded EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research note on Monday, September 30th. Stifel Nicolaus cut EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price for the company. in a research note on Friday, August 30th. Capital One Financial reaffirmed an “equal weight” rating and set a $16.00 price target on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, August 29th. Nine equities research 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 a consensus rating of “Hold” and an average price target of $15.40.

EnLink Midstream Price Performance

Shares of ENLC opened at $15.21 on Monday. The company has a 50 day moving average of $14.66 and a 200-day moving average of $13.80. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $7.02 billion, a P/E ratio of 72.43 and a beta of 2.41. EnLink Midstream, LLC has a twelve month low of $11.53 and a twelve month high of $15.67.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.16). The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a return on equity of 8.82% and a net margin of 1.96%. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. As a group, equities research analysts forecast that EnLink Midstream, LLC will post 0.58 EPS for the current fiscal year.

EnLink Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be given a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.48%. The ex-dividend date is Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) 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.