Arizona State Retirement System Sells 8,471 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Arizona State Retirement System cut its stake in shares of EnLink Midstream, LLC (NYSE:ENLC) by 11.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,504 shares of the pipeline company’s stock after selling 8,471 shares during the quarter. Arizona State Retirement System’s holdings in EnLink Midstream were worth $784,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ENLC. UMB Bank n.a. lifted its stake in shares of EnLink Midstream by 198.8% in the fourth quarter. UMB Bank n.a. now owns 5,959 shares of the pipeline company’s stock valued at $72,000 after buying an additional 3,965 shares in the last quarter. Spirit of America Management Corp NY lifted its stake in shares of EnLink Midstream by 316.7% in the fourth quarter. Spirit of America Management Corp NY now owns 25,000 shares of the pipeline company’s stock valued at $304,000 after buying an additional 19,000 shares in the last quarter. Hennessy Advisors Inc. lifted its stake in shares of EnLink Midstream by 1,614.2% in the fourth quarter. Hennessy Advisors Inc. now owns 1,868,500 shares of the pipeline company’s stock valued at $22,721,000 after buying an additional 1,759,500 shares in the last quarter. Caprock Group LLC bought a new position in shares of EnLink Midstream in the fourth quarter valued at $229,000. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of EnLink Midstream by 13.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,093,557 shares of the pipeline company’s stock valued at $37,618,000 after buying an additional 378,450 shares in the last quarter. 45.87% of the stock is owned by institutional investors.

EnLink Midstream Stock Performance

NYSE ENLC opened at $13.43 on Thursday. The company’s 50 day moving average is $12.91 and its 200-day moving average is $12.59. EnLink Midstream, LLC has a 12-month low of $8.45 and a 12-month high of $14.18. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.70. The firm has a market cap of $6.09 billion, a P/E ratio of 30.52 and a beta of 2.39.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. EnLink Midstream had a net margin of 2.99% and a return on equity of 8.12%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. Sell-side analysts predict that EnLink Midstream, LLC will post 0.6 earnings per share for the current year.

EnLink Midstream Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 14th. Investors of record on Friday, April 26th will be paid a dividend of $0.132 per share. The ex-dividend date is Thursday, April 25th. This represents a $0.53 annualized dividend and a yield of 3.93%. EnLink Midstream’s dividend payout ratio is currently 120.46%.

Insider Activity at EnLink Midstream

In related news, CAO Jan Philipp Rossbach sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $12.32, for a total transaction of $616,000.00. Following the completion of the transaction, the chief accounting officer now owns 58,410 shares of the company’s stock, valued at $719,611.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other EnLink Midstream news, CFO Benjamin D. Lamb sold 250,552 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total value of $3,026,668.16. Following the completion of the transaction, the chief financial officer now owns 534,000 shares of the company’s stock, valued at approximately $6,450,720. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Jan Philipp Rossbach sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $12.32, for a total transaction of $616,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 58,410 shares of the company’s stock, valued at approximately $719,611.20. The disclosure for this sale can be found here. 0.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ENLC has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Capital One Financial started coverage on shares of EnLink Midstream in a research report on Friday, March 22nd. They set an “overweight” rating and a $15.00 price target on the stock. Citigroup raised their price target on shares of EnLink Midstream from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group lifted their price objective on shares of EnLink Midstream from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, January 18th. Finally, StockNews.com lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, EnLink Midstream has an average rating of “Moderate Buy” and an average price target of $14.63.

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.