EnLink Midstream LLC (NYSE:ENLC) shares dropped 6% during trading on Friday . The stock traded as low as $7.40 and last traded at $7.40, approximately 2,256,011 shares traded hands during mid-day trading. A decline of 17% from the average daily volume of 2,732,614 shares. The stock had previously closed at $7.87.
ENLC has been the subject of several research analyst reports. Barclays reaffirmed a “hold” rating and issued a $12.00 price objective on shares of EnLink Midstream in a report on Thursday, July 18th. Jefferies Financial Group raised EnLink Midstream from a “hold” rating to a “buy” rating and cut their price objective for the stock from $13.00 to $12.00 in a report on Monday, July 15th. ValuEngine raised EnLink Midstream from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Credit Suisse Group lowered EnLink Midstream from an “outperform” rating to a “neutral” rating and cut their price target for the company from $13.50 to $8.00 in a report on Monday, August 19th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $12.00 price target on shares of EnLink Midstream in a report on Sunday, August 11th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $11.61.
The company has a fifty day simple moving average of $9.18 and a 200-day simple moving average of $10.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.93. The firm has a market cap of $3.83 billion, a P/E ratio of -105.71, a price-to-earnings-growth ratio of 6.65 and a beta of 2.00.
EnLink Midstream (NYSE:ENLC) last released its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). EnLink Midstream had a negative net margin of 3.21% and a negative return on equity of 0.16%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the prior year, the firm posted $0.15 EPS. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts forecast that EnLink Midstream LLC will post 0.3 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 13th. Shareholders of record on Monday, July 29th were issued a dividend of $0.283 per share. This represents a $1.13 annualized dividend and a yield of 15.30%. The ex-dividend date was Friday, July 26th. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.28. EnLink Midstream’s payout ratio is currently -1,614.29%.
In other EnLink Midstream news, Director Kyle D. Vann acquired 20,000 shares of the stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $7.44 per share, for a total transaction of $148,800.00. Following the completion of the transaction, the director now directly owns 99,907 shares of the company’s stock, valued at $743,308.08. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Barry E. Davis acquired 136,700 shares of the stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average price of $7.32 per share, for a total transaction of $1,000,644.00. Following the completion of the transaction, the chairman now directly owns 1,892,372 shares of the company’s stock, valued at $13,852,163.04. The disclosure for this purchase can be found here. Insiders own 1.45% of the company’s stock.
Several institutional investors have recently made changes to their positions in ENLC. Tortoise Capital Advisors L.L.C. lifted its position in shares of EnLink Midstream by 434.0% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 31,552,103 shares of the pipeline company’s stock valued at $403,236,000 after acquiring an additional 25,643,624 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of EnLink Midstream by 12,208.4% in the first quarter. Alps Advisors Inc. now owns 24,648,082 shares of the pipeline company’s stock valued at $315,002,000 after acquiring an additional 24,447,828 shares in the last quarter. Invesco Ltd. lifted its position in shares of EnLink Midstream by 21,575.0% in the second quarter. Invesco Ltd. now owns 13,994,487 shares of the pipeline company’s stock valued at $141,204,000 after acquiring an additional 13,929,922 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of EnLink Midstream by 36,353.8% in the first quarter. OppenheimerFunds Inc. now owns 12,168,263 shares of the pipeline company’s stock valued at $155,510,000 after acquiring an additional 12,134,883 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its position in shares of EnLink Midstream by 21,064.4% in the first quarter. Clearbridge Investments LLC now owns 10,697,359 shares of the pipeline company’s stock valued at $136,712,000 after acquiring an additional 10,646,815 shares in the last quarter. Institutional investors and hedge funds own 49.45% of the company’s stock.
About EnLink Midstream (NYSE:ENLC)
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company 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.
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