Zacks Investment Research Downgrades EnLink Midstream (NYSE:ENLC) to Sell

Zacks Investment Research downgraded shares of EnLink Midstream (NYSE:ENLC) from a hold rating to a sell rating in a research report report published on Tuesday morning, Zacks.com reports.

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. “

Other equities research analysts have also issued reports about the stock. Mizuho assumed coverage on shares of EnLink Midstream in a report on Thursday, July 25th. They set a neutral rating and a $11.50 price objective on the stock. Mitsubishi UFJ Financial Group lowered shares of EnLink Midstream from an overweight rating to a neutral rating and lowered their price target for the company from $15.00 to $10.00 in a report on Wednesday, August 7th. Robert W. Baird lowered their price target on shares of EnLink Midstream from $13.00 to $9.00 and set a neutral rating on the stock in a report on Tuesday. Royal Bank of Canada reaffirmed a buy rating and issued a $12.00 price target on shares of EnLink Midstream in a report on Sunday, August 11th. Finally, Credit Suisse Group lowered shares of EnLink Midstream from an outperform rating to a neutral rating and lowered their price target for the company from $13.50 to $8.00 in a report on Monday, August 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $10.95.

Shares of ENLC opened at $7.53 on Tuesday. The business’s fifty day simple moving average is $8.01 and its two-hundred day simple moving average is $9.95. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. EnLink Midstream has a 12 month low of $7.03 and a 12 month high of $16.57. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -107.57, a P/E/G ratio of 5.86 and a beta of 2.05.

EnLink Midstream (NYSE:ENLC) last announced its 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). The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.85 billion. EnLink Midstream had a negative net margin of 3.21% and a negative return on equity of 0.16%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.15 EPS. As a group, research analysts forecast that EnLink Midstream will post 0.32 EPS for the current year.

In related news, Chairman Barry E. Davis acquired 136,700 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average price of $7.32 per share, with a total value of $1,000,644.00. Following the transaction, the chairman now owns 1,892,372 shares of the company’s stock, valued at approximately $13,852,163.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kyle D. Vann acquired 20,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were bought at an average cost of $7.44 per share, with a total value of $148,800.00. Following the transaction, the director now directly owns 99,907 shares in the company, valued at approximately $743,308.08. The disclosure for this purchase can be found here. 1.45% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Tortoise Capital Advisors L.L.C. increased its stake in EnLink Midstream by 4.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 32,817,606 shares of the pipeline company’s stock valued at $331,130,000 after purchasing an additional 1,265,503 shares during the period. Chickasaw Capital Management LLC boosted its holdings in shares of EnLink Midstream by 4.5% in the second quarter. Chickasaw Capital Management LLC now owns 23,543,728 shares of the pipeline company’s stock valued at $237,556,000 after acquiring an additional 1,012,917 shares in the last quarter. Brookfield Asset Management Inc. boosted its holdings in shares of EnLink Midstream by 20.4% in the second quarter. Brookfield Asset Management Inc. now owns 17,233,683 shares of the pipeline company’s stock valued at $173,887,000 after acquiring an additional 2,919,413 shares in the last quarter. Invesco Ltd. boosted its holdings 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. Finally, Clearbridge Investments LLC boosted its holdings 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 own 47.46% of the company’s stock.

About EnLink Midstream

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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