EnLink Midstream (NYSE:ENLC) Sets New 52-Week High - Time to Buy?

EnLink Midstream, LLC (NYSE:ENLC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $14.87 and last traded at $14.84, with a volume of 1296853 shares changing hands. The stock had previously closed at $14.71.

Analyst Ratings Changes

Several analysts recently issued reports on ENLC shares. Royal Bank of Canada reissued a "sector perform" rating and set a $15.00 price target on shares of EnLink Midstream in a research report on Thursday, August 29th. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a "hold" rating to a "buy" rating and set a $15.00 price objective for the company in a report on Friday, August 16th. Capital One Financial restated an "equal weight" rating and set a $16.00 target price on shares of EnLink Midstream in a report on Tuesday, September 3rd. Tudor Pickering upgraded shares of EnLink Midstream to a "strong-buy" rating in a research note on Friday, August 16th. Finally, StockNews.com raised shares of EnLink Midstream from a "hold" rating to a "buy" rating in a research report on Tuesday, September 10th. Seven equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $15.44.

EnLink Midstream Price Performance

The company's 50-day simple moving average is $14.41 and its 200-day simple moving average is $13.71. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 49.53 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.06). The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.90 billion. EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. Research analysts forecast that EnLink Midstream, LLC will post 0.58 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The firm 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 $0.1325 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.57%. EnLink Midstream's payout ratio is 176.67%.

Insider Buying and Selling at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On EnLink Midstream

A number of institutional investors and hedge funds have recently bought and sold shares of ENLC. HITE Hedge Asset Management LLC increased its position in shares of EnLink Midstream by 2,629.4% during the second quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company's stock worth $27,560,000 after buying an additional 1,929,551 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of 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 purchasing an additional 812,767 shares in the last quarter. Chickasaw Capital Management LLC grew its stake in EnLink Midstream by 5.5% during the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company's stock worth $200,924,000 after purchasing an additional 759,994 shares during the period. Millennium Management LLC lifted its stake in EnLink Midstream by 1,433.6% in the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company's stock valued at $6,850,000 after buying an additional 465,383 shares during the period. Finally, Westwood Holdings Group Inc. boosted its holdings in shares of EnLink Midstream by 22.8% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company's stock worth $30,629,000 after buying an additional 416,424 shares in the last quarter. Institutional investors and hedge funds 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.