Invesco Advisers, 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 5.67% to 46.64 million shares with purchase of 2.5 million shares. This fresh investment now brings its stake to 9.53% valued currently at $114.26 million. In addition, JPMorgan Securities LLC (Investme. raised its holdings by 0.92 million to 7.9 million shares.
With over 2.58 million EnLink Midstream LLC (ENLC) shares trading Monday and a closing price of $2.98 on the day, the dollar volume was approximately $7.7 million. The shares have shown a positive weekly performance of 0.68% and its price on 08/24/20 gained nearly 1.71%. Currently, there are 489.30M common shares owned by the public and among those 259.08M shares have been available to trade.
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 $3.03. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $1.00 should the stock experience a downside. Incidentally, analysts’ outlook for the EnLink Midstream LLC stock is 3.10 for the next 12 months. The average price target is -0.34% below its last price level and a downside to the estimated low will see the stock lose -198.0% over that period. But an upside of 40.4% will see the stock hit the forecast high price target while mean target price for the stock is $3.13.
Insiders at the company have transacted a total of 41 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 1,917,428 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 849,907 shares.
The top 3 mutual fund holders in EnLink Midstream LLC are Invesco Oppenheimer SteelPath MLP, Alerian MLP ETF, and Invesco Oppenheimer SteelPath MLP. Invesco Oppenheimer SteelPath MLP owns 30.96 million shares of the company’s stock, all valued at over $75.85 million. The company bought an additional 2.5 million shares recently to bring their total holdings to about 6.33% of the shares outstanding. Alerian MLP ETF sold 10284.0 shares to see its total holdings shrink to 30.87 million shares valued at over $75.63 million and representing 6.31% of the shares outstanding. Invesco Oppenheimer SteelPath MLP now owns shares totaling to 3.20% of the shares outstanding.
Shares of EnLink Midstream LLC (NYSE: ENLC) opened at $2.90, down -$0.03 from a prior closing price of $2.93. However, the script later closed the day at $2.98, up 1.71%. The company’s stock has a 5-day price change of 0.68% and 29.00% over the past three months. ENLC shares are trading -51.39% year to date (YTD), with the 12-month market performance down to -59.73% lower. It has a 12-month low price of $0.88 and touched a high of $9.37 over the same period. Currently, 2.58 million shares have been traded, compared to an average intraday trading volume of 3.84 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 4.52%, 10.65%, and -12.00% respectively.
Institutional ownership of EnLink Midstream LLC (NYSE: ENLC) shares accounts for 86.20% of the company’s 489.30M shares outstanding. Mutual fund holders own 47.55%, while other institutional holders and individual stakeholders account for 6.24% and 27.75% respectively.
It has a market capitalization of $1.52B and a beta (3y monthly) value of 3.57. The earnings-per-share (ttm) stands at -$2.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.10% over the week and 6.26% over the month.
Analysts forecast that EnLink Midstream LLC (ENLC) will achieve an EPS of $0 for the current quarter, $0.01 for the next quarter and -$0.03 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.03 while analysts give the company a high EPS estimate of $0.02. Comparatively, EPS for the current quarter was $0.02 a year ago. Earnings per share for the fiscal year are expected to increase by 106.60%, and -100.00% 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 “Hold” at a consensus score of 3.10. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 4 of the 10 advise that investors “hold,” and 4 rated it as a “Sell.”
Looking at the support for the ENLC, a number of firms have released research notes about the stock. Credit Suisse stated their Underperform rating for the stock in a research note on April 02, 2020, with the firm’s price target at $2.50-$1. Barclays coverage for the EnLink Midstream LLC (ENLC) stock in a research note released on March 24, 2020 offered a Underweight rating with a price target of $1. Raymond James was of a view on March 12, 2020 that the stock is Mkt Perform, while Robert W. Baird gave the stock Neutral rating on March 09, 2020, issuing a price target of $7- $4. Wells Fargo on their part issued Underweight rating on January 07, 2020.