Chickasaw Capital Management LLC Sells 2,108,528 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Chickasaw Capital Management LLC lessened its position in shares of EnLink Midstream, LLC (NYSE:ENLC) by 15.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,187,059 shares of the pipeline company’s stock after selling 2,108,528 shares during the period. EnLink Midstream makes up approximately 6.4% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its 7th largest position. Chickasaw Capital Management LLC’s holdings in EnLink Midstream were worth $158,297,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in shares of EnLink Midstream by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after acquiring an additional 1,151 shares during the period. American Century Companies Inc. grew its position in shares of EnLink Midstream by 0.7% during the 2nd quarter. American Century Companies Inc. now owns 1,586,315 shares of the pipeline company’s stock worth $21,828,000 after purchasing an additional 10,296 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of EnLink Midstream by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company’s stock worth $93,884,000 after purchasing an additional 133,327 shares during the period. Hsbc Holdings PLC boosted its stake in shares of EnLink Midstream by 64.4% in the second quarter. Hsbc Holdings PLC now owns 33,646 shares of the pipeline company’s stock valued at $459,000 after buying an additional 13,183 shares during the period. Finally, Thomist Capital Management LP bought a new position in EnLink Midstream during the 2nd quarter worth $243,000. 45.87% of the stock is owned by institutional investors and hedge funds.

EnLink Midstream Stock Performance

NYSE ENLC traded up $0.03 during trading hours on Tuesday, reaching $14.32. 1,075,659 shares of the company were exchanged, compared to its average volume of 1,181,320. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.30. The stock has a market capitalization of $6.55 billion, a P/E ratio of 68.19 and a beta of 2.43. EnLink Midstream, LLC has a 1 year low of $11.53 and a 1 year high of $16.40. The business’s 50 day simple moving average is $14.96 and its 200-day simple moving average is $14.31.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.16). The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. EnLink Midstream’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period last year, the company posted $0.10 earnings per share. On average, equities research analysts expect that EnLink Midstream, LLC will post 0.51 earnings per share for the current year.

EnLink Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were paid a $0.1325 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.70%. EnLink Midstream’s payout ratio is 252.38%.

Insider Activity at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ENLC. StockNews.com began coverage on shares of EnLink Midstream in a research report on Tuesday. They set a “hold” rating for the company. Mizuho reiterated a “neutral” rating and set a $15.00 price objective on shares of EnLink Midstream in a research report on Thursday, October 31st. US Capital Advisors lowered shares of EnLink Midstream from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Morgan Stanley downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target for the company. in a report on Monday, September 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, November 21st. Eleven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.40.

EnLink Midstream Company 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.