ALPS Advisors, Inc. recently announced the acquisition of new stake in EnLink Midstream LLC (NYSE:ENLC). The institutional investor has increased its shareholding in the Energy company by 3.39% to 47.88 million shares with purchase of 1.57 million shares. This fresh investment now brings its stake to 10.17% valued currently at $539.16 million. In addition, Tortoise Capital Advisors LLC raised its holdings by 0.15 million to 12.17 million shares. And Goldman Sachs Asset Management LP has lifted its position by 4.07% or 0.27 million shares – to 7.02 million shares.
With over 3.24 million EnLink Midstream LLC (ENLC) shares trading Friday and a closing price of $11.18 on the day, the dollar volume was approximately $36.24 million. The shares have shown a positive half year performance of 10.58% and its price on 03/10/23 lost nearly -1.06%. Currently, there are 471.00M common shares owned by the public and among those 244.71M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for ENLC have a consensus price objective of $13.95. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $12.00. The average price target is 19.8% above its recent price level and an upside to the estimated low will see the stock gain 6.83% over that period. But an upside of 37.89% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 38 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 1,582,638 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 1,197,510 shares.
The top 3 mutual fund holders in EnLink Midstream LLC are Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and Invesco SteelPath MLP Select 40 F. Alerian MLP ETF owns 47.0 million shares of the company’s stock, all valued at over $529.2 million. The company sold 40980.0 shares recently to bring their total holdings to about 9.99% of the shares outstanding. Invesco SteelPath MLP Select 40 F sold -0.7 million shares to bring its total holdings to over 6.93 million shares at a value of $78.06 million. Invesco SteelPath MLP Select 40 F now owns shares totaling to 1.47% of the shares outstanding.
Shares of EnLink Midstream LLC (NYSE: ENLC) opened at $11.25, down -$0.05 from a prior closing price of $11.30. However, the script later moved the day high at 11.38, down -1.06%. The company’s stock has a 5-day price change of -3.62% and -6.99% over the past three months. ENLC shares are trading -9.11% year to date (YTD), with the 12-month market performance up to 19.70% higher. It has a 12-month low price of $7.77 and touched a high of $13.58 over the same period. ENLC has an average intraday trading volume of 2.39 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.79%, -9.06%, and 2.62% respectively.
Institutional ownership of EnLink Midstream LLC (NYSE: ENLC) shares accounts for 92.50% of the company’s 471.00M shares outstanding. Mutual fund holders own 28.79%, while other institutional holders and individual stakeholders account for 49.75% and 15.24% respectively.
It has a market capitalization of $5.32B and a beta (3y monthly) value of 2.49. The stock’s trailing 12-month PE ratio is 14.95, while the earnings-per-share (ttm) stands at $0.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.01% over the week and 3.14% over the month.
Analysts forecast that EnLink Midstream LLC (ENLC) will achieve an EPS of $0.18 for the current quarter, $0.18 for the next quarter and $0.7 for 2023. The lowest estimate earnings-per-share for the quarter is $0.16 while analysts give the company a high EPS estimate of $0.22. Comparatively, EPS for the current quarter was $0.11 a year ago. Earnings per share for the fiscal year are expected to increase by 1100.00%, and 19.18% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate EnLink Midstream LLC (ENLC) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 5 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ENLC, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on March 09, 2023, with the firm’s price target at $13. Citigroup coverage for the EnLink Midstream LLC (ENLC) stock in a research note released on December 09, 2022 offered a Neutral rating with a price target of $13. Stifel was of a view on September 27, 2022 that the stock is Buy, while Morgan Stanley gave the stock Equal-Weight rating on January 07, 2022, issuing a price target of $7- $9. Raymond James on their part issued Outperform rating on June 14, 2021.
