EnLink Midstream (NYSE:ENLC) Downgraded to “Hold” at StockNews.com

StockNews.com cut shares of EnLink Midstream (NYSE:ENLC) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

A number of other brokerages have also commented on ENLC. Citigroup increased their price objective on EnLink Midstream from $13.00 to $16.00 and gave the company a buy rating in a research report on Tuesday, April 16th. Capital One Financial initiated coverage on shares of EnLink Midstream in a report on Friday, March 22nd. They issued an overweight rating and a $15.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on shares of EnLink Midstream from $15.00 to $14.00 and set a neutral rating on the stock in a research note on Thursday, February 29th. Finally, UBS Group boosted their price target on EnLink Midstream from $14.00 to $15.00 and gave the company a buy rating in a research note on Thursday, January 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, EnLink Midstream has an average rating of Moderate Buy and an average price target of $14.33.

EnLink Midstream Price Performance

NYSE:ENLC traded up $0.34 during midday trading on Wednesday, hitting $13.65. 2,120,821 shares of the stock were exchanged, compared to its average volume of 1,964,939. EnLink Midstream has a one year low of $8.56 and a one year high of $14.18. The business has a 50-day moving average price of $13.32 and a two-hundred day moving average price of $12.72. The company has a market capitalization of $6.19 billion, a price-to-earnings ratio of 39.00 and a beta of 2.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.76.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. EnLink Midstream had a return on equity of 8.58% and a net margin of 2.40%. Sell-side analysts predict that EnLink Midstream will post 0.59 EPS for the current year.

EnLink Midstream Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 14th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.132 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, April 25th. EnLink Midstream’s dividend payout ratio (DPR) is presently 151.43%.

Insider Transactions at EnLink Midstream

In related news, CAO Jan Philipp Rossbach sold 50,000 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $12.32, for a total transaction of $616,000.00. Following the completion of the transaction, the chief accounting officer now owns 58,410 shares in the company, valued at approximately $719,611.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Jan Philipp Rossbach sold 50,000 shares of EnLink Midstream stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $12.32, for a total transaction of $616,000.00. Following the sale, the chief accounting officer now owns 58,410 shares of the company’s stock, valued at approximately $719,611.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Benjamin D. Lamb sold 250,552 shares of EnLink Midstream stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total transaction of $3,026,668.16. Following the completion of the sale, the chief financial officer now owns 534,000 shares of the company’s stock, valued at approximately $6,450,720. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On EnLink Midstream

A number of institutional investors have recently added to or reduced their stakes in ENLC. Alps Advisors Inc. boosted its holdings in EnLink Midstream by 11.0% in the third quarter. Alps Advisors Inc. now owns 42,389,633 shares of the pipeline company’s stock valued at $518,001,000 after acquiring an additional 4,200,733 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in EnLink Midstream by 1.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock worth $194,126,000 after purchasing an additional 186,801 shares during the period. Dimensional Fund Advisors LP raised its stake in EnLink Midstream by 5.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,736,175 shares of the pipeline company’s stock worth $81,911,000 after acquiring an additional 342,204 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of EnLink Midstream by 13.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,093,557 shares of the pipeline company’s stock valued at $37,618,000 after acquiring an additional 378,450 shares during the period. Finally, Jennison Associates LLC grew its position in EnLink Midstream by 1.9% in the 3rd quarter. Jennison Associates LLC now owns 2,742,677 shares of the pipeline company’s stock worth $33,516,000 after purchasing an additional 51,447 shares during the last quarter. Hedge funds and other institutional investors 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.