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 0.02% to 47.89 million shares with purchase of 10572.0 shares. This fresh investment now brings its stake to 10.18% valued currently at $469.84 million. In addition, Tortoise Capital Advisors LLC raised its holdings by 3.16 million to 15.33 million shares. And Chickasaw Capital Management LLC has lifted its position by 3.32% or 0.49 million shares – to 15.1 million shares.
With over 2.36 million EnLink Midstream LLC (ENLC) shares trading Monday and a closing price of $9.85 on the day, the dollar volume was approximately $23.25 million. The shares have shown a negative half year performance of -20.24% and its price on 05/22/23 lost nearly -0.30%. Currently, there are 468.90M 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: 10 analysts who have offered their price forecasts for ENLC have a consensus price objective of $13.30. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $11.00. The average price target is 26.11% above its recent price level and an upside to the estimated low will see the stock gain 10.45% over that period. But an upside of 42.06% will see the stock hit the forecast high price target while median target price for the stock is $13.00.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 1,529,972 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 1,183,852 shares.
The top 3 mutual fund holders in EnLink Midstream LLC are Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and MainGate MLP Fund. Alerian MLP ETF owns 47.17 million shares of the company’s stock, all valued at over $462.76 million. The company bought an additional 41226.0 shares recently to bring their total holdings to about 10.02% of the shares outstanding. Invesco SteelPath MLP Income Fund sold -3.9 million shares to see its total holdings shrink to 17.38 million shares valued at over $170.53 million and representing 3.69% of the shares outstanding. MainGate MLP Fund sold 100000.0 shares to bring its total holdings to over 6.6 million shares at a value of $64.75 million. MainGate MLP Fund now owns shares totaling to 1.40% of the shares outstanding.
Shares of EnLink Midstream LLC (NYSE: ENLC) opened at $9.89, up $0.01 from a prior closing price of $9.88. However, the script later moved the day high at 9.91, down -0.30%. The company’s stock has a 5-day price change of 6.60% and -13.52% over the past three months. ENLC shares are trading -19.92% year to date (YTD), with the 12-month market performance down to -3.05% lower. 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 2.28 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 6.02%, -2.02%, and -10.55% respectively.
Institutional ownership of EnLink Midstream LLC (NYSE: ENLC) shares accounts for 92.50% of the company’s 468.90M shares outstanding. Mutual fund holders own 28.67%, while other institutional holders and individual stakeholders account for 49.84% and 17.49% respectively.
It has a market capitalization of $4.59B and a beta (3y monthly) value of 2.46. The stock’s trailing 12-month PE ratio is 12.33, while the earnings-per-share (ttm) stands at $0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.38% over the week and 3.58% over the month.
Analysts forecast that EnLink Midstream LLC (ENLC) will achieve an EPS of $0.11 for the current quarter, $0.13 for the next quarter and $0.67 for 2024. The lowest estimate earnings-per-share for the quarter is $0.08 while analysts give the company a high EPS estimate of $0.13. Comparatively, EPS for the current quarter was $0.17 a year ago. Earnings per share for the fiscal year are expected to decrease by -33.80%, and 30.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate EnLink Midstream LLC (ENLC) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 5 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
