CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $28.33 Million Stock Position in EnLink Midstream, LLC (NYSE:ENLC)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of EnLink Midstream, LLC (NYSE:ENLC) by 39.8% in the fourth quarter, Holdings Channel reports. The firm owned 2,002,284 shares of the pipeline company’s stock after selling 1,322,040 shares during the quarter. EnLink Midstream accounts for approximately 1.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 16th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in EnLink Midstream were worth $28,332,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in ENLC. Bank of New York Mellon Corp grew its holdings in shares of EnLink Midstream by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after buying an additional 1,151 shares during the period. Citigroup Inc. lifted its holdings in EnLink Midstream by 0.6% during the third quarter. Citigroup Inc. now owns 267,761 shares of the pipeline company’s stock worth $3,885,000 after acquiring an additional 1,473 shares in the last quarter. Sunbelt Securities Inc. grew its stake in EnLink Midstream by 21.9% in the second quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after acquiring an additional 1,511 shares during the period. Tidal Investments LLC increased its holdings in shares of EnLink Midstream by 9.7% in the third quarter. Tidal Investments LLC now owns 18,315 shares of the pipeline company’s stock worth $266,000 after acquiring an additional 1,623 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of EnLink Midstream by 13.9% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,090 shares of the pipeline company’s stock worth $233,000 after purchasing an additional 1,958 shares during the period. Institutional investors own 45.87% of the company’s stock.

EnLink Midstream Price Performance

NYSE:ENLC opened at $14.72 on Friday. EnLink Midstream, LLC has a 52-week low of $11.55 and a 52-week high of $16.40. The company has a market cap of $6.73 billion, a P/E ratio of 70.07 and a beta of 2.43. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.42 and a current ratio of 0.42. The stock’s 50-day simple moving average is $14.89 and its 200 day simple moving average is $14.41.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The company’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 EPS. As a group, sell-side analysts forecast that EnLink Midstream, LLC will post 0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ENLC has been the subject of several research analyst reports. UBS Group lowered EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective for the company. in a research report on Monday, September 30th. Mizuho reiterated a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. StockNews.com began coverage on shares of EnLink Midstream in a report on Thursday. They set a “hold” rating on the stock. Raymond James lowered shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a research note on Friday, November 8th. Finally, US Capital Advisors downgraded EnLink Midstream from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. 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 MarketBeat.com, EnLink Midstream 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.