EnLink Midstream (NYSE:ENLC) Sees Large Volume Increase Following Analyst Upgrade

EnLink Midstream, LLC (NYSE:ENLCGet Rating) shares saw an uptick in trading volume on Monday after Raymond James raised their price target on the stock from $14.00 to $16.00. Raymond James currently has an outperform rating on the stock. 3,096,771 shares traded hands during trading, an increase of 36% from the previous session’s volume of 2,278,969 shares.The stock last traded at $13.15 and had previously closed at $12.99.

Other analysts have also issued reports about the company. Citigroup started coverage on EnLink Midstream in a report on Thursday, December 8th. They issued a “neutral” rating and a $13.00 price objective on the stock. Stifel Nicolaus started coverage on EnLink Midstream in a report on Tuesday, September 27th. They issued a “buy” rating and a $12.50 price objective on the stock. Morgan Stanley raised their price objective on EnLink Midstream from $14.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, January 9th. StockNews.com lowered EnLink Midstream from a “buy” rating to a “hold” rating in a report on Thursday, December 29th. Finally, Royal Bank of Canada raised their price objective on EnLink Midstream from $12.00 to $14.00 and gave the company a “sector perform” rating in a report on Thursday, November 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $13.64.

Insider Buying and Selling

In related news, Director Kyle D. Vann sold 13,500 shares of EnLink Midstream stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $12.16, for a total transaction of $164,160.00. Following the transaction, the director now owns 171,631 shares in the company, valued at $2,087,032.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On EnLink Midstream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENLC. Jennison Associates LLC raised its position in EnLink Midstream by 179.8% in the third quarter. Jennison Associates LLC now owns 4,477,283 shares of the pipeline company’s stock valued at $39,803,000 after purchasing an additional 2,877,340 shares during the period. Goldman Sachs Group Inc. raised its position in EnLink Midstream by 63.8% in the second quarter. Goldman Sachs Group Inc. now owns 6,928,608 shares of the pipeline company’s stock valued at $58,893,000 after purchasing an additional 2,697,480 shares during the period. SIR Capital Management L.P. purchased a new stake in EnLink Midstream in the third quarter valued at $14,692,000. Energy Income Partners LLC purchased a new stake in EnLink Midstream in the third quarter valued at $11,328,000. Finally, Blackstone Inc. raised its position in EnLink Midstream by 73.4% in the third quarter. Blackstone Inc. now owns 2,723,100 shares of the pipeline company’s stock valued at $24,208,000 after purchasing an additional 1,152,872 shares during the period. Hedge funds and other institutional investors own 44.37% of the company’s stock.

EnLink Midstream Price Performance

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.58. The company has a market cap of $6.20 billion, a PE ratio of 25.17 and a beta of 2.60. The stock has a 50-day simple moving average of $12.36 and a 200 day simple moving average of $10.92.

EnLink Midstream (NYSE:ENLCGet Rating) last issued its quarterly earnings data on Tuesday, November 1st. The pipeline company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.07. EnLink Midstream had a return on equity of 8.93% and a net margin of 2.63%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Equities analysts expect that EnLink Midstream, LLC will post 0.61 EPS for the current year.

EnLink Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 13th. Stockholders of record on Monday, January 30th will be paid a $0.125 dividend. The ex-dividend date is Friday, January 27th. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.11. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.82%. EnLink Midstream’s payout ratio is presently 86.54%.

EnLink Midstream Company Profile

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EnLink Midstream, LLC provides midstream energy services in the United States. It operates through Permian, Louisiana, Oklahoma, North Texas, and Corporate 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 stabilizing, trans-loading , and condensate crude oil , as well as providing brine disposal services.

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