EnLink Midstream, LLC (NYSE:ENLC) Stake Lowered by Jennison Associates LLC

Jennison Associates LLC trimmed its holdings in EnLink Midstream, LLC (NYSE:ENLC) by 1.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,716,121 shares of the pipeline company’s stock after selling 26,556 shares during the quarter. Jennison Associates LLC owned about 0.59% of EnLink Midstream worth $33,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ENLC. National Bank of Canada FI acquired a new stake in EnLink Midstream in the third quarter worth approximately $28,000. Sunbelt Securities Inc. lifted its position in EnLink Midstream by 232.4% in the third quarter. Sunbelt Securities Inc. now owns 5,488 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 3,837 shares during the period. UMB Bank n.a. lifted its position in EnLink Midstream by 198.8% in the fourth quarter. UMB Bank n.a. now owns 5,959 shares of the pipeline company’s stock worth $72,000 after purchasing an additional 3,965 shares during the period. Spirit of America Management Corp NY acquired a new stake in EnLink Midstream in the third quarter worth approximately $73,000. Finally, First Horizon Advisors Inc. lifted its position in EnLink Midstream by 14.8% in the third quarter. First Horizon Advisors Inc. now owns 6,849 shares of the pipeline company’s stock worth $84,000 after purchasing an additional 885 shares during the period. 45.87% of the stock is owned by institutional investors.

EnLink Midstream Price Performance

ENLC opened at $13.78 on Thursday. The stock has a fifty day moving average of $13.08 and a 200-day moving average of $12.66. The firm has a market capitalization of $6.24 billion, a P/E ratio of 31.32 and a beta of 2.39. 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.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. EnLink Midstream had a net margin of 2.99% and a return on equity of 8.12%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.82 billion. Equities analysts forecast that EnLink Midstream, LLC will post 0.59 EPS for the current fiscal year.

EnLink Midstream Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Friday, April 26th will be paid a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Thursday, April 25th. EnLink Midstream’s dividend payout ratio (DPR) is presently 120.46%.

Insider Transactions at EnLink Midstream

In other news, CFO Benjamin D. Lamb sold 250,552 shares of the company’s stock in a transaction 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 transaction, the chief financial officer now directly owns 534,000 shares of the company’s stock, valued at $6,450,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other EnLink Midstream news, CFO Benjamin D. Lamb sold 250,552 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total transaction of $3,026,668.16. Following the transaction, the chief financial officer now directly owns 534,000 shares of the company’s stock, valued at $6,450,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jan Philipp Rossbach sold 50,000 shares of the stock in a transaction 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 transaction, the chief accounting officer now directly owns 58,410 shares in the company, valued at $719,611.20. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ENLC has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their target price on EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, February 29th. Capital One Financial initiated coverage on EnLink Midstream in a research report on Friday, March 22nd. They set an “overweight” rating and a $15.00 price objective for the company. Citigroup increased their price objective on EnLink Midstream from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Finally, UBS Group increased their target price on EnLink Midstream from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, January 18th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, EnLink Midstream has an average rating of “Moderate Buy” and an average target price of $14.63.

EnLink Midstream Company 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.