First Dallas Securities Inc. lifted its stake in shares of EnLink Midstream LLC (NYSE:ENLC) by 34.1% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 182,472 shares of the pipeline company’s stock after acquiring an additional 46,440 shares during the period. EnLink Midstream accounts for approximately 1.9% of First Dallas Securities Inc.’s portfolio, making the stock its 12th biggest position. First Dallas Securities Inc. owned about 0.10% of EnLink Midstream worth $3,002,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of ENLC. Hodges Capital Management Inc. increased its position in shares of EnLink Midstream by 12.6% during the 3rd quarter. Hodges Capital Management Inc. now owns 207,437 shares of the pipeline company’s stock worth $3,412,000 after purchasing an additional 23,248 shares during the last quarter. Miller Howard Investments Inc. NY increased its position in shares of EnLink Midstream by 95.1% during the 3rd quarter. Miller Howard Investments Inc. NY now owns 52,878 shares of the pipeline company’s stock worth $870,000 after purchasing an additional 25,775 shares during the last quarter. Alps Advisors Inc. increased its position in shares of EnLink Midstream by 234.5% during the 3rd quarter. Alps Advisors Inc. now owns 172,209 shares of the pipeline company’s stock worth $2,833,000 after purchasing an additional 120,727 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of EnLink Midstream during the 2nd quarter worth about $218,000. Finally, California Public Employees Retirement System increased its position in shares of EnLink Midstream by 10.4% during the 2nd quarter. California Public Employees Retirement System now owns 76,963 shares of the pipeline company’s stock worth $1,266,000 after purchasing an additional 7,263 shares during the last quarter. Institutional investors and hedge funds own 32.04% of the company’s stock.
ENLC stock opened at $13.23 on Thursday. The company has a market cap of $2.35 billion, a P/E ratio of -264.60 and a beta of 2.62. EnLink Midstream LLC has a fifty-two week low of $12.73 and a fifty-two week high of $20.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.68 and a quick ratio of 0.68.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Stockholders of record on Monday, October 29th will be issued a $0.271 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 8.19%. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, October 26th. EnLink Midstream’s dividend payout ratio (DPR) is -2,160.00%.
In other news, EVP Alaina K. Brooks sold 48,442 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $17.36, for a total value of $840,953.12. Following the completion of the sale, the executive vice president now owns 78,190 shares in the company, valued at $1,357,378.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.24% of the company’s stock.
A number of brokerages recently issued reports on ENLC. ValuEngine raised EnLink Midstream from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Robert W. Baird reissued a “hold” rating and set a $18.00 price objective on shares of EnLink Midstream in a research report on Monday, August 6th. Raymond James reissued a “buy” rating and set a $19.00 price objective on shares of EnLink Midstream in a research report on Friday, August 17th. Credit Suisse Group began coverage on EnLink Midstream in a research report on Thursday, October 11th. They set a “neutral” rating and a $19.00 price objective for the company. Finally, Barclays raised their price objective on EnLink Midstream from $16.00 to $18.00 and gave the stock a “hold” rating in a research report on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $17.79.
EnLink Midstream Company Profile
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through five segments: Texas, Oklahoma, Louisiana, Crude and Condensate, and Corporate. The company is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, exporting, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, and trans-loading crude oil, and condensate.
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