EnLink Midstream (NYSE:ENLC) Shares Gap Down to $13.72

EnLink Midstream, LLC (NYSE:ENLC)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $13.72, but opened at $12.88. EnLink Midstream shares last traded at $12.99, with a volume of 817,674 shares.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Citigroup upped their price objective on shares of EnLink Midstream from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. lowered their price target on EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, February 29th. Capital One Financial began coverage on EnLink Midstream in a research report on Friday, March 22nd. They set an “overweight” rating and a $15.00 price objective for the company. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. Finally, UBS Group boosted their price target on EnLink Midstream from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.29.

EnLink Midstream Stock Down 6.3 %

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.70. The business has a 50-day simple moving average of $13.20 and a two-hundred day simple moving average of $12.70. The stock has a market capitalization of $5.83 billion, a P/E ratio of 29.18 and a beta of 2.39.

EnLink Midstream (NYSE:ENLC) last posted its earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, hitting the consensus estimate of $0.14. EnLink Midstream had a net margin of 2.99% and a return on equity of 8.12%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. Equities research analysts forecast that EnLink Midstream, LLC will post 0.6 earnings per share for the current fiscal year.

EnLink Midstream Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, April 25th. EnLink Midstream’s payout ratio is 120.46%.

Insider Transactions at EnLink Midstream

In related news, CFO Benjamin D. Lamb sold 250,552 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $12.08, for a total transaction of $3,026,668.16. Following the completion of the sale, the chief financial officer now directly owns 534,000 shares of the company’s stock, valued at approximately $6,450,720. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Jan Philipp Rossbach sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $12.32, for a total transaction of $616,000.00. Following the transaction, the chief accounting officer now directly owns 58,410 shares in the company, valued at $719,611.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Benjamin D. Lamb sold 250,552 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total transaction of $3,026,668.16. Following the completion of the sale, the chief financial officer now directly owns 534,000 shares of the company’s stock, valued at approximately $6,450,720. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. First Horizon Advisors Inc. lifted its stake in shares of EnLink Midstream by 14.8% during the third quarter. First Horizon Advisors Inc. now owns 6,849 shares of the pipeline company’s stock valued at $84,000 after acquiring an additional 885 shares during the period. Sunbelt Securities Inc. boosted its stake in shares of EnLink Midstream by 24.2% in the 1st quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock valued at $94,000 after purchasing an additional 1,343 shares during the last quarter. Glenmede Trust Co. NA grew its position in shares of EnLink Midstream by 2.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 65,035 shares of the pipeline company’s stock worth $795,000 after buying an additional 1,494 shares during the period. Lee Financial Co raised its stake in shares of EnLink Midstream by 2.2% during the third quarter. Lee Financial Co now owns 80,655 shares of the pipeline company’s stock worth $986,000 after buying an additional 1,737 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its holdings in EnLink Midstream by 8.6% in the third quarter. Lindbrook Capital LLC now owns 26,404 shares of the pipeline company’s stock valued at $323,000 after buying an additional 2,087 shares during the period. 45.87% of the stock is currently owned by institutional investors.

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.