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

StockNews.com initiated coverage on shares of EnLink Midstream (NYSE:ENLC - Free Report) in a research note issued to investors on Sunday morning. The firm issued a hold rating on the pipeline company's stock.

Several other equities research analysts have also issued reports on ENLC. Wells Fargo & Company lowered shares of EnLink Midstream from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Raymond James downgraded shares of EnLink Midstream from an "outperform" rating to a "market perform" rating in a research note on Friday, November 8th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, November 21st. Morgan Stanley lowered EnLink Midstream from an "overweight" rating to an "equal weight" rating and set a $16.00 price target for the company. in a research note on Monday, September 16th. Finally, Capital One Financial reaffirmed an "equal weight" rating and issued a $16.00 price objective on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Eleven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, EnLink Midstream has a consensus rating of "Hold" and an average price target of $15.40.

EnLink Midstream Trading Up 2.2 %

ENLC traded up $0.31 on Friday, hitting $14.09. The company had a trading volume of 3,575,916 shares, compared to its average volume of 2,165,206. The business's fifty day simple moving average is $15.05 and its 200 day simple moving average is $14.22. 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 12-month low of $11.53 and a 12-month high of $16.40. The company has a market cap of $6.44 billion, a PE ratio of 67.10 and a beta of 2.44.

EnLink Midstream (NYSE:ENLC - Get Free Report) last announced its earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.16). The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. EnLink Midstream's revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.10 EPS. Equities research analysts expect that EnLink Midstream will post 0.51 EPS for the current year.

EnLink Midstream Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend was Friday, November 1st. EnLink Midstream's payout ratio is 252.38%.

Insider Buying and Selling

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ENLC. Merewether Investment Management LP acquired a new stake in EnLink Midstream in the third quarter valued at approximately $64,477,000. HITE Hedge Asset Management LLC lifted its holdings in shares of EnLink Midstream by 2,629.4% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company's stock valued at $27,560,000 after purchasing an additional 1,929,551 shares during the last quarter. Brookfield Corp ON boosted its position in shares of EnLink Midstream by 97.1% in 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 in the last quarter. Catalyst Capital Advisors LLC grew its stake 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 worth $30,348,000 after buying an additional 1,141,254 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in EnLink Midstream by 32.4% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company's stock valued at $48,236,000 after buying an additional 812,767 shares in 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.