Brookfield Corp ON Purchases 1,775,203 Shares of EnLink Midstream, LLC (NYSE:ENLC)

Brookfield Corp ON grew its holdings in EnLink Midstream, LLC (NYSE:ENLC) by 97.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,603,351 shares of the pipeline company’s stock after buying an additional 1,775,203 shares during the quarter. Brookfield Corp ON’s holdings in EnLink Midstream were worth $52,285,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC bought a new stake in shares of EnLink Midstream in the second quarter worth about $28,000. Newbridge Financial Services Group Inc. bought a new stake in EnLink Midstream in the 2nd quarter valued at $56,000. Icon Wealth Advisors LLC bought a new position in EnLink Midstream during the third quarter worth $107,000. First Horizon Advisors Inc. raised its holdings in EnLink Midstream by 12.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 853 shares during the period. Finally, Sunbelt Securities Inc. lifted its holdings in shares of EnLink Midstream by 21.9% during the second quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock worth $116,000 after buying an additional 1,511 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

EnLink Midstream Trading Down 0.9 %

Shares of EnLink Midstream stock opened at $15.34 on Friday. The stock has a market capitalization of $7.01 billion, a P/E ratio of 73.02 and a beta of 2.44. 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 $15.11 and its 200 day simple moving average is $14.09. EnLink Midstream, LLC has a 52-week low of $11.53 and a 52-week high of $16.40.

EnLink Midstream (NYSE:ENLC) last announced its quarterly 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 return on equity of 9.51% and a net margin of 1.96%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the previous year, the company posted $0.10 earnings per share. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. As a group, research analysts anticipate that EnLink Midstream, LLC will post 0.51 EPS for the current year.

EnLink Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a dividend of $0.1325 per share. 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 3.46%. EnLink Midstream’s dividend payout ratio (DPR) is presently 252.38%.

Insider Activity

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analysts Forecast Growth

ENLC has been the topic of several recent analyst reports. Morgan Stanley lowered shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a report on Monday, September 16th. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Friday, August 16th. US Capital Advisors lowered shares of EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. UBS Group cut shares of EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research note on Monday, September 30th. Finally, Raymond James lowered EnLink Midstream from an “outperform” rating to a “market perform” rating in a research note on Friday, November 8th. Eleven equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently 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.