SIR Capital Management L.P. Sells 185,186 Shares of EnLink Midstream, LLC (NYSE:ENLC)

SIR Capital Management L.P. trimmed its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,707,480 shares of the pipeline company’s stock after selling 185,186 shares during the period. EnLink Midstream comprises about 2.3% of SIR Capital Management L.P.’s portfolio, making the stock its 11th largest position. SIR Capital Management L.P.’s holdings in EnLink Midstream were worth $23,495,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. ORG Partners LLC bought a new stake in EnLink Midstream during the second quarter valued at about $28,000. JNBA Financial Advisors purchased a new position in shares of EnLink Midstream in the 4th quarter worth approximately $30,000. Sunbelt Securities Inc. raised its stake in shares of EnLink Midstream by 24.2% during the 1st quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock worth $94,000 after acquiring an additional 1,343 shares in the last quarter. SG Americas Securities LLC purchased a new stake in EnLink Midstream during the first quarter valued at approximately $105,000. Finally, First Horizon Advisors Inc. boosted its stake in EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 853 shares in the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Tuesday. Morgan Stanley increased their price target on EnLink Midstream from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Capital One Financial reissued an “equal weight” rating and issued a $16.00 price target on shares of EnLink Midstream in a report on Tuesday, September 3rd. Tudor Pickering upgraded shares of EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Finally, Wells Fargo & Company cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.00 to $15.00 in a research note on Friday, August 30th. Six analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.20.

EnLink Midstream Price Performance

Shares of ENLC opened at $14.26 on Tuesday. The company has a market capitalization of $6.58 billion, a P/E ratio of 40.74 and a beta of 2.40. The business’s 50-day moving average is $13.54 and its two-hundred day moving average is $13.32. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. EnLink Midstream, LLC has a fifty-two week low of $11.44 and a fifty-two week high of $14.80.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the prior year, the business posted $0.12 earnings per share. The firm’s revenue was up 1.4% compared to the same quarter last year. Research analysts predict that EnLink Midstream, LLC will post 0.59 earnings per share for the current year.

EnLink Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were given a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Friday, August 2nd. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s dividend payout ratio (DPR) is currently 151.43%.

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.