Wellington Management Group LLP Acquires 292,833 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Wellington Management Group LLP increased its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC) by 268.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 402,099 shares of the pipeline company’s stock after acquiring an additional 292,833 shares during the quarter. Wellington Management Group LLP’s holdings in EnLink Midstream were worth $5,834,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC increased its holdings in shares of EnLink Midstream by 63.1% during the second quarter. SG Americas Securities LLC now owns 12,526 shares of the pipeline company’s stock worth $172,000 after purchasing an additional 4,846 shares during the period. First Horizon Advisors Inc. increased its stake in EnLink Midstream by 12.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after acquiring an additional 853 shares during the period. Hennessy Advisors Inc. raised its holdings in EnLink Midstream by 17.0% in the 2nd quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after acquiring an additional 360,400 shares in the last quarter. Catalyst Capital Advisors LLC lifted its position in shares of EnLink Midstream by 2.2% during the 2nd quarter. Catalyst Capital Advisors LLC now owns 950,300 shares of the pipeline company’s stock valued at $13,076,000 after acquiring an additional 20,657 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of EnLink Midstream by 9.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock worth $191,000 after purchasing an additional 1,151 shares in the last quarter. Institutional investors and hedge funds own 45.87% of the company’s stock.

EnLink Midstream Stock Performance

NYSE:ENLC opened at $14.47 on Tuesday. The stock’s 50-day moving average is $15.11 and its 200-day moving average is $14.18. EnLink Midstream, LLC has a 1-year low of $11.53 and a 1-year high of $16.40. 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 market cap of $6.61 billion, a P/E ratio of 68.90 and a beta of 2.44.

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

EnLink Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were paid a $0.1325 dividend. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.66%. EnLink Midstream’s dividend payout ratio is 252.38%.

Insider Activity at EnLink Midstream

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on ENLC. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price target on shares of EnLink Midstream in a research note on Thursday, November 21st. Capital One Financial reiterated an “equal weight” rating and set a $16.00 price target on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Stifel Nicolaus downgraded shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective for the company. in a research report on Friday, August 30th. US Capital Advisors downgraded EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Mizuho reissued a “neutral” rating and set a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Eleven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.40.

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.