EnLink Midstream (ENLC) Rating Increased to Buy at Zacks Investment Research

EnLink Midstream (NYSE:ENLC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $13.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.30% from the stock’s current price.

According to Zacks, “Enlink Midstream LLC is independent midstream energy. The Company is involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. Enlink Midstream LLC, formerly known as Crosstex Energy Inc., is based in headquartered in Dallas, Texas. “

Several other brokerages also recently issued reports on ENLC. Credit Suisse Group upgraded EnLink Midstream from a “neutral” rating to an “outperform” rating and set a $19.00 price target for the company in a report on Tuesday, November 13th. Citigroup began coverage on EnLink Midstream in a report on Tuesday. They set a “buy” rating and a $13.00 price target for the company. Mitsubishi UFJ Financial Group upgraded EnLink Midstream from a “neutral” rating to an “overweight” rating in a report on Wednesday, February 20th. Stifel Nicolaus began coverage on EnLink Midstream in a report on Friday, February 8th. They set a “buy” rating and a $13.00 price target for the company. Finally, Jefferies Financial Group upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $16.57.

Shares of EnLink Midstream stock opened at $11.68 on Wednesday. EnLink Midstream has a 12-month low of $8.90 and a 12-month high of $18.40. The firm has a market cap of $5.64 billion, a P/E ratio of -166.86, a P/E/G ratio of 8.91 and a beta of 2.27. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.81.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, February 19th. The pipeline company reported ($0.34) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.51). EnLink Midstream had a negative return on equity of 0.25% and a negative net margin of 0.17%. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.12 billion. On average, equities analysts anticipate that EnLink Midstream will post 0.32 EPS for the current year.

In other EnLink Midstream news, major shareholder Goldman Sachs Group Inc acquired 24,791 shares of EnLink Midstream stock in a transaction on Friday, February 1st. The stock was purchased at an average price of $10.86 per share, for a total transaction of $269,230.26. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.45% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of EnLink Midstream by 10.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,314,300 shares of the pipeline company’s stock valued at $40,943,000 after buying an additional 395,089 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of EnLink Midstream by 263.3% during the 4th quarter. Macquarie Group Ltd. now owns 4,000 shares of the pipeline company’s stock valued at $38,000 after buying an additional 2,899 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of EnLink Midstream during the 4th quarter valued at $3,760,000. Bank of America Corp DE lifted its position in shares of EnLink Midstream by 686.1% during the 4th quarter. Bank of America Corp DE now owns 179,939 shares of the pipeline company’s stock valued at $1,707,000 after buying an additional 157,048 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its position in shares of EnLink Midstream by 5.8% during the 4th quarter. Two Sigma Advisers LP now owns 40,500 shares of the pipeline company’s stock valued at $384,000 after buying an additional 2,220 shares during the last quarter. Hedge funds and other institutional investors own 33.57% of the company’s stock.

EnLink Midstream Company Profile

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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