StockNews.com Initiates Coverage on EnLink Midstream (NYSE:ENLC)

StockNews.com assumed coverage on shares of EnLink Midstream (NYSE:ENLC) in a research report report published on Saturday. The brokerage issued a hold rating on the pipeline company’s stock.

Several other brokerages also recently commented on ENLC. Wells Fargo & Company downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $16.00 to $15.00 in a research report on Friday, August 30th. US Capital Advisors cut EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. UBS Group downgraded EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, November 21st. Finally, Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Eleven equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Stock Performance

Shares of ENLC opened at $14.47 on Friday. The business has a 50-day simple moving average of $15.11 and a two-hundred day simple moving average of $14.18. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.30. EnLink Midstream has a 52 week low of $11.53 and a 52 week high of $16.40. The stock has a market cap of $6.61 billion, a price-to-earnings ratio of 68.90 and a beta of 2.44.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter last year, the firm posted $0.10 earnings per share. The company’s revenue was down 7.9% compared to the same quarter last year. On average, analysts expect that EnLink Midstream will post 0.51 EPS for the current year.

EnLink Midstream Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a dividend of $0.1325 per share. The ex-dividend date was Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.66%. EnLink Midstream’s dividend payout ratio is currently 252.38%.

Insider Activity at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction dated 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 filing with the SEC, which is available through the SEC website. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC raised its position in EnLink Midstream by 9.7% during the third quarter. Tidal Investments LLC now owns 18,315 shares of the pipeline company’s stock valued at $266,000 after purchasing an additional 1,623 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of EnLink Midstream in the 3rd quarter worth approximately $98,000. Sanctuary Advisors LLC increased its position in shares of EnLink Midstream by 8.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 30,031 shares of the pipeline company’s stock valued at $473,000 after purchasing an additional 2,362 shares during the last quarter. Zimmer Partners LP purchased a new stake in EnLink Midstream during the 3rd quarter valued at $363,000. Finally, Brookfield Corp ON lifted its position in EnLink Midstream by 97.1% in the third quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock worth $52,285,000 after buying an additional 1,775,203 shares during the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

EnLink Midstream Company Profile

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.