Arizona State Retirement System Cuts Stake in EnLink Midstream, LLC (NYSE:ENLC)

Arizona State Retirement System reduced its stake in shares of EnLink Midstream, LLC (NYSE:ENLC) by 11.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 64,504 shares of the pipeline company’s stock after selling 8,471 shares during the period. Arizona State Retirement System’s holdings in EnLink Midstream were worth $784,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in shares of EnLink Midstream by 11.0% in the third quarter. Alps Advisors Inc. now owns 42,389,633 shares of the pipeline company’s stock valued at $518,001,000 after purchasing an additional 4,200,733 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in shares of EnLink Midstream in the third quarter valued at $3,246,000. UBS Group AG grew its holdings in shares of EnLink Midstream by 22.9% in the third quarter. UBS Group AG now owns 1,542,356 shares of the pipeline company’s stock valued at $18,848,000 after purchasing an additional 287,400 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of EnLink Midstream in the third quarter valued at $1,337,000. Finally, Jennison Associates LLC grew its holdings in shares of EnLink Midstream by 1.9% in the third quarter. Jennison Associates LLC now owns 2,742,677 shares of the pipeline company’s stock valued at $33,516,000 after purchasing an additional 51,447 shares in the last quarter. 45.87% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at EnLink Midstream

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

Analyst Upgrades and Downgrades

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

EnLink Midstream Stock Down 0.1 %

NYSE:ENLC opened at $13.43 on Thursday. EnLink Midstream, LLC has a twelve month low of $8.45 and a twelve month high of $14.18. The company has a market cap of $6.09 billion, a price-to-earnings ratio of 30.52 and a beta of 2.39. The stock has a fifty day simple moving average of $12.91 and a 200-day simple moving average of $12.59. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.70.

EnLink Midstream (NYSE:ENLC) last released its earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. EnLink Midstream had a return on equity of 8.12% and a net margin of 2.99%. Analysts anticipate that EnLink Midstream, LLC will post 0.6 EPS 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 issued a $0.132 dividend. The ex-dividend date is Thursday, April 25th. This represents a $0.53 annualized dividend and a dividend yield of 3.93%. EnLink Midstream’s payout ratio is currently 120.46%.

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.