Hennessy Advisors Inc. Buys 248,100 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Hennessy Advisors Inc. boosted its stake in EnLink Midstream, LLC (NYSE:ENLC) by 13.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,116,600 shares of the pipeline company’s stock after acquiring an additional 248,100 shares during the period. EnLink Midstream accounts for 1.2% of Hennessy Advisors Inc.’s investment portfolio, making the stock its 20th largest holding. Hennessy Advisors Inc. owned about 0.47% of EnLink Midstream worth $28,870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ENLC. Alps Advisors Inc. boosted its holdings in 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 acquiring an additional 4,200,733 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in 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 acquiring an additional 378,450 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in EnLink Midstream by 56.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,034,809 shares of the pipeline company’s stock valued at $12,583,000 after acquiring an additional 373,969 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in EnLink Midstream by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,736,175 shares of the pipeline company’s stock valued at $81,911,000 after acquiring an additional 342,204 shares during the last quarter. Finally, Hodges Capital Management Inc. bought a new stake in EnLink Midstream in the third quarter valued at approximately $3,246,000. 45.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ENLC has been the topic of a number of research analyst reports. Citigroup increased their price target on EnLink Midstream from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. cut their price target on EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a report on Monday. Finally, Capital One Financial initiated coverage on EnLink Midstream in a report on Friday, March 22nd. They set an “overweight” rating and a $15.00 price target on the stock. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.33.

EnLink Midstream Stock Up 1.6 %

Shares of ENLC traded up $0.22 during trading hours on Friday, reaching $13.59. The stock had a trading volume of 595,744 shares, compared to its average volume of 1,911,338. EnLink Midstream, LLC has a 12 month low of $10.27 and a 12 month high of $14.18. The firm has a 50-day simple moving average of $13.23 and a 200 day simple moving average of $12.81. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.76. The company has a market capitalization of $6.13 billion, a price-to-earnings ratio of 38.22 and a beta of 2.36.

EnLink Midstream (NYSE:ENLC) last issued its earnings results on Tuesday, April 30th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.14. EnLink Midstream had a return on equity of 8.58% and a net margin of 2.40%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.79 billion. Equities research analysts predict that EnLink Midstream, LLC will post 0.62 earnings per share for the current fiscal year.

EnLink Midstream Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Investors of record on Friday, April 26th were issued a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.89%. The ex-dividend date was Thursday, April 25th. EnLink Midstream’s dividend payout ratio is currently 151.43%.

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.