Connor Clark & Lunn Investment Management Ltd. Invests $1.76 Million in EnLink Midstream, LLC (NYSE:ENLC)

Posted by Defense World Staff on May 30th, 2023

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of EnLink Midstream, LLC (NYSE:ENLC – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 142,947 shares of the pipeline company’s stock, valued at approximately $1,758,000.

A number of other institutional investors also recently modified their holdings of ENLC. MADDEN SECURITIES Corp acquired a new position in shares of EnLink Midstream during the 4th quarter worth $28,000. Newbridge Financial Services Group Inc. acquired a new position in shares of EnLink Midstream during the 4th quarter worth $38,000. Marshall Wace LLP bought a new stake in EnLink Midstream during the 3rd quarter worth $96,000. Glenmede Trust Co. NA bought a new stake in EnLink Midstream during the 3rd quarter worth $106,000. Finally, Russell Investments Group Ltd. bought a new stake in EnLink Midstream during the 3rd quarter worth $120,000. Institutional investors and hedge funds own 44.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Morgan Stanley reduced their price objective on EnLink Midstream from $18.00 to $17.00 in a research report on Tuesday, April 25th. Citigroup upgraded EnLink Midstream from a “neutral” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Thursday, March 9th. Stifel Nicolaus reduced their price target on EnLink Midstream from $14.50 to $14.00 in a research report on Thursday, May 4th. Raymond James reduced their price target on EnLink Midstream from $16.00 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, February 16th. Finally, StockNews.com initiated coverage on EnLink Midstream in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.60.

EnLink Midstream Stock Down 0.5 %

ENLC stock opened at $9.73 on Tuesday. The stock’s 50 day simple moving average is $9.95 and its 200 day simple moving average is $11.36. EnLink Midstream, LLC has a fifty-two week low of $7.77 and a fifty-two week high of $13.58. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.21 and a current ratio of 1.21. The company has a market cap of $4.53 billion, a P/E ratio of 12.32 and a beta of 2.55.

EnLink Midstream (NYSE:ENLC – Get Rating) last posted its quarterly earnings results on Tuesday, May 2nd. The pipeline company reported $0.12 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. EnLink Midstream had a return on equity of 13.48% and a net margin of 4.23%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $2.17 billion. On average, research analysts expect that EnLink Midstream, LLC will post 0.53 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 12th. Investors of record on Friday, April 28th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 5.14%. The ex-dividend date of this dividend was Thursday, April 27th. EnLink Midstream’s dividend payout ratio (DPR) is currently 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.