EnLink Midstream, LLC (NYSE:ENLC) Sees Large Decline in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) saw a large drop in short interest in December. As of December 31st, there was short interest totalling 8,500,000 shares, a drop of 6.4% from the December 15th total of 9,080,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the days-to-cover ratio is currently 3.5 days. Approximately 3.4% of the shares of the company are short sold.

EnLink Midstream Price Performance

ENLC stock traded up $0.07 during trading on Monday, hitting $15.37. 2,791,566 shares of the company’s stock traded hands, compared to its average volume of 1,802,574. The business has a fifty day simple moving average of $14.91 and a 200 day simple moving average of $14.38. EnLink Midstream has a 52 week low of $11.53 and a 52 week high of $16.40. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 73.17 and a beta of 2.43.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.16). EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The company had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. During the same quarter in the prior year, the business posted $0.10 EPS. The company’s revenue was down 7.9% on a year-over-year basis. As a group, research analysts expect that EnLink Midstream will post 0.46 EPS for the current fiscal year.

Hedge Funds Weigh In On EnLink Midstream

Several large investors have recently modified their holdings of the stock. Merewether Investment Management LP purchased a new position in EnLink Midstream during the third quarter worth $64,477,000. HITE Hedge Asset Management LLC lifted its holdings in shares of EnLink Midstream by 2,629.4% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock worth $27,560,000 after acquiring an additional 1,929,551 shares during the last quarter. Brookfield Corp ON boosted its stake in shares of EnLink Midstream by 97.1% during the 3rd quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock worth $52,285,000 after purchasing an additional 1,775,203 shares during the period. Catalyst Capital Advisors LLC grew its holdings in EnLink Midstream by 120.1% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock valued at $30,348,000 after purchasing an additional 1,141,254 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in EnLink Midstream by 32.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company’s stock worth $48,236,000 after purchasing an additional 812,767 shares during the period. Institutional investors own 45.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ENLC. Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a research note on Friday, November 8th. StockNews.com started coverage on shares of EnLink Midstream in a research report on Wednesday, January 15th. They set a “hold” rating for the company. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a research report on Thursday, November 21st. Mizuho reissued a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Finally, US Capital Advisors lowered shares of EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Eleven equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, EnLink Midstream presently has an average rating of “Hold” and a consensus price target of $15.40.

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.