Icon Wealth Advisors LLC Buys Shares of 290,236 EnLink Midstream, LLC (NYSE:ENLC)

Icon Wealth Advisors LLC purchased a new position in shares of EnLink Midstream, LLC (NYSE:ENLC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 290,236 shares of the pipeline company’s stock, valued at approximately $4,211,000. Icon Wealth Advisors LLC owned approximately 0.06% of EnLink Midstream at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. ORG Partners LLC bought a new position in EnLink Midstream during the 2nd quarter worth about $28,000. Newbridge Financial Services Group Inc. purchased a new position in EnLink Midstream during the second quarter valued at approximately $56,000. SG Americas Securities LLC bought a new position in EnLink Midstream in the first quarter worth approximately $105,000. First Horizon Advisors Inc. lifted its holdings in EnLink Midstream by 12.5% during the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after buying an additional 853 shares during the period. Finally, Sunbelt Securities Inc. boosted its position in EnLink Midstream by 21.9% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Friday, August 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price objective on shares of EnLink Midstream in a research note on Thursday. UBS Group downgraded shares of EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 target price for the company. in a research note on Monday, September 30th. Finally, Morgan Stanley downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target on the stock. in a research report on Monday, September 16th. Nine equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, EnLink Midstream currently has an average rating of “Hold” and a consensus target price of $15.40.

Insider Buying and Selling

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction 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 SEC, which can be accessed through this hyperlink. 0.84% of the stock is owned by corporate insiders.

EnLink Midstream Stock Performance

ENLC opened at $15.67 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. EnLink Midstream, LLC has a 12-month low of $11.53 and a 12-month high of $15.69. The firm has a 50 day moving average of $14.87 and a two-hundred day moving average of $13.92. The firm has a market capitalization of $7.16 billion, a PE ratio of 74.60 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC) last posted its earnings results 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). EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. 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 firm earned $0.10 earnings per share. The company’s revenue for the quarter was down 7.9% on a year-over-year basis. On average, analysts anticipate that EnLink Midstream, LLC will post 0.55 EPS for the current year.

EnLink Midstream Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.38%. EnLink Midstream’s payout ratio is 252.38%.

EnLink Midstream Profile

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.