Merewether Investment Management LP Invests $64.48 Million in EnLink Midstream, LLC (NYSE:ENLC)

Merewether Investment Management LP bought a new position in shares of EnLink Midstream, LLC (NYSE:ENLC) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,443,600 shares of the pipeline company’s stock, valued at approximately $64,477,000. EnLink Midstream accounts for 3.0% of Merewether Investment Management LP’s holdings, making the stock its 12th largest position. Merewether Investment Management LP owned 0.96% of EnLink Midstream as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Janus Henderson Group PLC purchased a new stake in shares of EnLink Midstream during the 1st quarter valued at $1,453,000. Van ECK Associates Corp increased its position in EnLink Midstream by 100.8% during the 3rd quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock valued at $1,883,000 after buying an additional 63,997 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in EnLink Midstream by 4.3% in the second quarter. Miller Howard Investments Inc. NY now owns 2,254,063 shares of the pipeline company’s stock valued at $31,016,000 after buying an additional 93,587 shares during the last quarter. Westwood Holdings Group Inc. grew its stake in shares of EnLink Midstream by 4.7% during the second quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock worth $32,363,000 after acquiring an additional 106,467 shares during the last quarter. Finally, Catalyst Capital Advisors LLC increased its holdings in shares of EnLink Midstream by 120.1% during the third quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock valued at $30,348,000 after acquiring an additional 1,141,254 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

Insider Activity at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.84% of the company’s stock.

EnLink Midstream Price Performance

NYSE:ENLC opened at $15.55 on Wednesday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The stock has a 50 day moving average of $15.05 and a two-hundred day moving average of $14.06. The firm has a market cap of $7.11 billion, a P/E ratio of 74.05 and a beta of 2.44. EnLink Midstream, LLC has a 12 month low of $11.53 and a 12 month high of $16.40.

EnLink Midstream (NYSE:ENLC) last announced its earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.16). The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The company’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. On average, analysts expect that EnLink Midstream, LLC will post 0.51 earnings per share for the current fiscal 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. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.41%. EnLink Midstream’s dividend payout ratio (DPR) is presently 252.38%.

Wall Street Analyst Weigh In

Several analysts have weighed in on ENLC shares. Capital One Financial reissued an “equal weight” rating and set a $16.00 target price on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $15.00 in a report on Friday, August 30th. Stifel Nicolaus lowered EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a research report on Friday, August 30th. Finally, Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Friday, August 16th. Ten research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.40.

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.