Kayne Anderson Capital Advisors LP boosted its position in shares of EnLink Midstream LLC (NYSE:ENLC) by 174.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 274,800 shares of the pipeline company’s stock after acquiring an additional 174,800 shares during the period. Kayne Anderson Capital Advisors LP’s holdings in EnLink Midstream were worth $4,520,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ENLC. Macquarie Group Ltd. bought a new stake in shares of EnLink Midstream during the second quarter valued at approximately $102,000. Commonwealth Bank of Australia bought a new stake in shares of EnLink Midstream during the third quarter valued at approximately $134,000. Linscomb & Williams Inc. bought a new stake in shares of EnLink Midstream during the second quarter valued at approximately $171,000. Verition Fund Management LLC bought a new stake in shares of EnLink Midstream during the second quarter valued at approximately $218,000. Finally, Nisa Investment Advisors LLC bought a new stake in shares of EnLink Midstream during the second quarter valued at approximately $247,000. Institutional investors own 32.45% of the company’s stock.
In other EnLink Midstream news, CAO Susan J. Mcaden bought 3,000 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The stock was purchased at an average cost of $12.08 per share, with a total value of $36,240.00. Following the completion of the acquisition, the chief accounting officer now owns 25,944 shares in the company, valued at approximately $313,403.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.24% of the company’s stock.
EnLink Midstream (NYSE:ENLC) last posted its earnings results on Tuesday, November 6th. The pipeline company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.08). EnLink Midstream had a net margin of 3.39% and a return on equity of 0.89%. The business had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same period last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. Analysts predict that EnLink Midstream LLC will post 0.46 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Monday, October 29th were issued a $0.271 dividend. The ex-dividend date was Friday, October 26th. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.27. This represents a $1.08 dividend on an annualized basis and a dividend yield of 9.48%. EnLink Midstream’s dividend payout ratio (DPR) is -2,160.00%.
ENLC has been the topic of several recent analyst reports. Mitsubishi UFJ Financial Group upgraded shares of EnLink Midstream from a “neutral” rating to an “overweight” rating and reduced their price objective for the company from $20.00 to $18.00 in a research report on Thursday, November 8th. Zacks Investment Research upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Wednesday, October 17th. Royal Bank of Canada reduced their price objective on shares of EnLink Midstream from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, November 8th. Barclays lifted their price objective on shares of EnLink Midstream from $16.00 to $18.00 and gave the company a “hold” rating in a research report on Wednesday, August 29th. Finally, ValuEngine cut shares of EnLink Midstream from a “hold” rating to a “sell” rating in a research report on Monday, September 24th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $17.57.
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About EnLink Midstream
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through five segments: Texas, Oklahoma, Louisiana, Crude and Condensate, and Corporate. The company is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, exporting, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, and trans-loading crude oil, and condensate.
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