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 10.79% to 42.31 million shares with purchase of 4.12 million shares. This fresh investment now brings its stake to 9.17% valued currently at $519.98 million. In addition, Tortoise Capital Advisors LLC raised its holdings by 0.6 million to 16.96 million shares. And Global X Management Co. LLC has lifted its position by 70.52% or 5.15 million shares – to 12.46 million shares.
With over 3.93 million Enlink Midstream LLC (ENLC) shares trading Tuesday and a closing price of $12.04 on the day, the dollar volume was approximately $47.31 million. The shares have shown a positive half year performance of 17.92% and its price on 12/12/23 lost nearly -3.76%. Currently, there are 468.98M common shares owned by the public and among those 231.13M 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: 12 analysts who have offered their price forecasts for ENLC have a consensus price objective of $14.33. The analysts have set the share’s price value over the next 12 months at a high of $17.00 and a low of $13.00. The average price target is 15.98% above its recent price level and an upside to the estimated low will see the stock gain 7.38% over that period. But an upside of 29.18% 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 27 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 1,343,511 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 1,059,754 shares.
The top 3 mutual fund holders in Enlink Midstream LLC are Alerian MLP ETF, Invesco SteelPath MLP Income Fund, and Global X MLP ETF. Alerian MLP ETF owns 42.29 million shares of the company’s stock, all valued at over $519.75 million. The company sold 17754.0 shares recently to bring their total holdings to about 9.16% of the shares outstanding. Invesco SteelPath MLP Income Fund sold -0.4 million shares to see its total holdings shrink to 17.18 million shares valued at over $211.18 million and representing 3.72% of the shares outstanding. Global X MLP ETF sold -0.6 million shares to bring its total holdings to over 10.3 million shares at a value of $126.53 million. Global X MLP ETF now owns shares totaling to 2.23% of the shares outstanding.
Shares of Enlink Midstream LLC (NYSE: ENLC) opened at $12.39, down -$0.12 from a prior closing price of $12.51. However, the script later moved the day high at 12.39, down -3.76%. The company’s stock has a 5-day price change of -9.88% and -3.45% over the past three months. ENLC shares are trading -2.11% year to date (YTD), with the 12-month market performance up to 5.15% higher. It has a 12-month low price of $8.45 and touched a high of $13.98 over the same period. ENLC has an average intraday trading volume of 2.26 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 -7.66%, -4.63%, and 6.01% respectively.
Institutional ownership of Enlink Midstream LLC (NYSE: ENLC) shares accounts for 46.49% of the company’s 468.98M shares outstanding. Mutual fund holders own 30.54%, while other institutional holders and individual stakeholders account for 50.83% and 15.50% respectively.
It has a market capitalization of $5.50B and a beta (3y monthly) value of 2.37. The stock’s trailing 12-month PE ratio is 18.88, while the earnings-per-share (ttm) stands at $0.64. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.83% over the week and 2.70% over the month.
Analysts forecast that Enlink Midstream LLC (ENLC) will achieve an EPS of $ENZOLYTICS INC for the current quarter, $0.02 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Ensysce Biosciences, Inc. while analysts give the company a high EPS estimate of $Enel Chile S.A.. Comparatively, EPS for the current quarter was $Enlight Renewable Energy Ltd. a year ago. Earnings per share for the fiscal year are expected to decrease by -33.51%, and 26.64% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Enlink Midstream LLC (ENLC) as a “Strong Buy” at a consensus score of 1.92. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 5 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
