Shell Asset Management Co. Cuts Stake in EnLink Midstream, LLC (NYSE:ENLC)

Posted by Defense World Staff on May 8th, 2023

Shell Asset Management Co. reduced its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC – Get Rating) by 18.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,144 shares of the pipeline company’s stock after selling 6,210 shares during the period. Shell Asset Management Co.’s holdings in EnLink Midstream were worth $346,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in ENLC. MADDEN SECURITIES Corp purchased a new stake in EnLink Midstream during the 4th quarter valued at about $28,000. CWM LLC boosted its stake in shares of EnLink Midstream by 45.2% during the third quarter. CWM LLC now owns 3,291 shares of the pipeline company’s stock valued at $29,000 after purchasing an additional 1,025 shares during the period. Newbridge Financial Services Group Inc. bought a new position in shares of EnLink Midstream in the fourth quarter worth approximately $38,000. Marshall Wace LLP purchased a new position in shares of EnLink Midstream in the third quarter worth $96,000. Finally, Glenmede Trust Co. NA bought a new stake in EnLink Midstream during the 3rd quarter valued at $106,000. 44.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Benjamin D. Lamb sold 180,000 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $11.75, for a total value of $2,115,000.00. Following the sale, the chief financial officer now owns 707,107 shares in the company, valued at approximately $8,308,507.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other EnLink Midstream news, CFO Benjamin D. Lamb sold 210,000 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $11.38, for a total transaction of $2,389,800.00. Following the completion of the sale, the chief financial officer now directly owns 497,107 shares in the company, valued at approximately $5,657,077.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Benjamin D. Lamb sold 180,000 shares of EnLink Midstream stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $11.75, for a total transaction of $2,115,000.00. Following the completion of the transaction, the chief financial officer now directly owns 707,107 shares of the company’s stock, valued at $8,308,507.25. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ENLC shares. Citigroup raised shares of EnLink Midstream from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Thursday, March 9th. Stifel Nicolaus lowered their price target on EnLink Midstream from $14.50 to $14.00 in a research report on Thursday. StockNews.com cut EnLink Midstream from a “buy” rating to a “hold” rating in a report on Tuesday, April 18th. Raymond James reduced their target price on EnLink Midstream from $16.00 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, February 16th. Finally, Morgan Stanley dropped their price target on EnLink Midstream from $18.00 to $17.00 in a research note on Tuesday, April 25th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, EnLink Midstream presently has an average rating of “Moderate Buy” and an average price target of $14.33.

EnLink Midstream Trading Up 4.1 %

NYSE ENLC opened at $8.82 on Monday. The firm has a market capitalization of $4.15 billion, a PE ratio of 11.16 and a beta of 2.55. The stock’s 50 day moving average is $10.48 and its 200 day moving average is $11.62. EnLink Midstream, LLC has a twelve month low of $7.77 and a twelve month high of $13.58. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 1.62.

EnLink Midstream (NYSE:ENLC – Get Rating) last announced its earnings results on Tuesday, May 2nd. The pipeline company reported $0.12 EPS for the quarter, meeting analysts’ consensus estimates of $0.12. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $2.17 billion. EnLink Midstream had a net margin of 4.23% and a return on equity of 13.42%. Research analysts forecast that EnLink Midstream, LLC will post 0.54 earnings per share for the current fiscal year.

EnLink Midstream Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 12th. Shareholders of record on Friday, April 28th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date is Thursday, April 27th. EnLink Midstream’s dividend payout ratio is 63.29%.

About EnLink Midstream

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EnLink Midstream LLC engages in transmission, processing and marketing of natural gas and crude oil. It operates through the following segments: Permian, Louisiana, Oklahoma, North Texas, and Corporate. The Permian segment includes natural gas gathering, processing, and transmission activities and crude oil operations in the Midland and Delaware Basins in West Texas and Eastern New Mexico and crude operations in South Texas.