EnLink Midstream (NYSE:ENLC) Sees Large Volume Increase – What’s Next?

EnLink Midstream, LLC (NYSE:ENLC) saw strong trading volume on Wednesday . 4,822,476 shares traded hands during mid-day trading, an increase of 44% from the previous session’s volume of 3,345,005 shares.The stock last traded at $14.13 and had previously closed at $14.16.

Analyst Ratings Changes

Several analysts have recently commented on ENLC shares. US Capital Advisors lowered shares of EnLink Midstream from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Mizuho reaffirmed a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a research note on Thursday, October 31st. StockNews.com started coverage on EnLink Midstream in a report on Friday. 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 report on Thursday, November 21st. Finally, Raymond James cut shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Eleven analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $15.40.

EnLink Midstream Stock Performance

The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 69.33 and a beta of 2.43. The stock’s fifty day simple moving average is $14.76 and its 200-day simple moving average is $14.42.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the previous year, the business posted $0.10 earnings per share. The firm’s revenue was down 7.9% on a year-over-year basis. Analysts predict that EnLink Midstream, LLC will post 0.46 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ENLC. Merewether Investment Management LP acquired a new stake in shares of EnLink Midstream in the 3rd quarter valued at $64,477,000. Brookfield Corp ON increased its holdings 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 valued at $52,285,000 after buying an additional 1,775,203 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in EnLink Midstream by 32.4% in the third 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. Miller Howard Investments Inc. NY raised its stake in EnLink Midstream by 1.4% in the fourth quarter. Miller Howard Investments Inc. NY now owns 2,320,292 shares of the pipeline company’s stock valued at $32,832,000 after buying an additional 33,025 shares in the last quarter. Finally, Catalyst Capital Advisors LLC lifted 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 worth $30,348,000 after buying an additional 1,141,254 shares during the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

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.