EnLink Midstream, LLC (NYSE:ENLC) Sees Significant Decrease in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) saw a large decrease in short interest in October. As of October 15th, there was short interest totalling 8,210,000 shares, a decrease of 9.6% from the September 30th total of 9,080,000 shares. Based on an average daily volume of 2,310,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 3.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $15.00 in a research report on Friday, August 30th. JPMorgan Chase & Co. boosted their target price on EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Mizuho reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of EnLink Midstream in a research report on Thursday. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Friday, August 16th. Finally, StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Eight investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.40.

EnLink Midstream Price Performance

EnLink Midstream stock traded down $0.15 during midday trading on Friday, reaching $14.69. 867,234 shares of the company were exchanged, compared to its average volume of 2,012,379. The firm’s 50-day simple moving average is $14.48 and its 200-day simple moving average is $13.73. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. The company has a market capitalization of $6.78 billion, a price-to-earnings ratio of 49.43 and a beta of 2.40. EnLink Midstream has a 1 year low of $11.53 and a 1 year high of $14.96.

EnLink Midstream (NYSE:ENLC) last announced its earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the business posted $0.12 earnings per share. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, analysts anticipate that EnLink Midstream will post 0.58 EPS for the current year.

EnLink Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be given a dividend of $0.1325 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.61%. EnLink Midstream’s payout ratio is 176.67%.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On EnLink Midstream

Several large investors have recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its stake in EnLink Midstream by 12.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after purchasing an additional 853 shares during the period. First Dallas Securities Inc. lifted its position in shares of EnLink Midstream by 0.6% in the second quarter. First Dallas Securities Inc. now owns 158,598 shares of the pipeline company’s stock worth $2,182,000 after purchasing an additional 960 shares in the last quarter. Callahan Advisors LLC grew its position in EnLink Midstream by 8.7% during the second quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock valued at $172,000 after purchasing an additional 1,000 shares in the last quarter. Bank of New York Mellon Corp increased its stake in EnLink Midstream by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after buying an additional 1,151 shares during the period. Finally, Sunbelt Securities Inc. lifted its position in EnLink Midstream by 21.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock worth $116,000 after buying an additional 1,511 shares in the last quarter. 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.