HITE Hedge Asset Management LLC Sells 645,703 Shares of EnLink Midstream, LLC (NYSE:ENLC)

HITE Hedge Asset Management LLC trimmed its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC) by 32.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,357,232 shares of the pipeline company’s stock after selling 645,703 shares during the period. EnLink Midstream accounts for about 2.3% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 15th biggest holding. HITE Hedge Asset Management LLC’s holdings in EnLink Midstream were worth $19,693,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ENLC. First Horizon Advisors Inc. raised its holdings in EnLink Midstream by 12.5% during the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after purchasing an additional 853 shares in the last quarter. First Dallas Securities Inc. lifted its holdings in shares of EnLink Midstream by 0.6% during the second quarter. First Dallas Securities Inc. now owns 158,598 shares of the pipeline company’s stock worth $2,182,000 after purchasing an additional 960 shares during the period. Callahan Advisors LLC boosted its stake in EnLink Midstream by 8.7% during the second quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock worth $172,000 after buying an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of EnLink Midstream by 9.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock worth $191,000 after acquiring an additional 1,151 shares in the last quarter. Finally, Citigroup Inc. boosted its position in EnLink Midstream by 0.6% during the third quarter. Citigroup Inc. now owns 267,761 shares of the pipeline company’s stock worth $3,885,000 after purchasing an additional 1,473 shares in the last quarter. Institutional investors and hedge funds own 45.87% of the company’s stock.

EnLink Midstream Stock Down 2.8 %

Shares of NYSE:ENLC opened at $15.56 on Tuesday. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a fifty day moving average price of $15.04 and a 200 day moving average price of $14.05. EnLink Midstream, LLC has a 1-year low of $11.53 and a 1-year high of $16.40. The stock has a market cap of $7.11 billion, a P/E ratio of 74.10 and a beta of 2.44.

EnLink Midstream (NYSE:ENLC) last announced 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 firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.10 EPS. Sell-side analysts predict that EnLink Midstream, LLC will post 0.51 EPS for the current year.

EnLink Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a $0.1325 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) is presently 252.38%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. UBS Group downgraded shares of EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a research report on Monday, September 30th. US Capital Advisors lowered EnLink Midstream from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Friday, August 16th. Finally, Raymond James lowered shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Ten equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $15.40.

Insider Activity

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’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 document filed with the SEC, which is available through this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

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.