EnLink Midstream (NYSE:ENLC) Rating Lowered to Equal Weight at Wells Fargo & Company

Wells Fargo & Company downgraded shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to an equal weight rating in a report released on Friday morning, Marketbeat reports. The brokerage currently has $15.00 price objective on the pipeline company’s stock, down from their previous price objective of $16.00.

Several other research firms also recently weighed in on ENLC. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a hold rating to a buy rating and set a $15.00 target price on the stock in a research report on Friday, August 16th. Tudor Pickering raised shares of EnLink Midstream to a strong-buy rating in a research note on Friday, August 16th. Morgan Stanley lifted their price target on shares of EnLink Midstream from $15.00 to $16.00 and gave the stock an overweight rating in a research note on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of EnLink Midstream from $14.00 to $15.00 and gave the stock a neutral rating in a research report on Wednesday, July 10th. Finally, StockNews.com upgraded EnLink Midstream from a hold rating to a buy rating in a research report on Tuesday, August 13th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, EnLink Midstream currently has a consensus rating of Moderate Buy and a consensus price target of $15.10.

EnLink Midstream Price Performance

Shares of EnLink Midstream stock opened at $14.36 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. EnLink Midstream has a 12 month low of $11.44 and a 12 month high of $14.80. The stock has a 50 day moving average of $13.46 and a 200 day moving average of $13.22. The firm has a market cap of $6.48 billion, a PE ratio of 41.01 and a beta of 2.43.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the prior year, the firm posted $0.12 EPS. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, research analysts expect that EnLink Midstream will post 0.65 EPS for the current fiscal year.

EnLink Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were paid a $0.1325 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.69%. EnLink Midstream’s dividend payout ratio (DPR) is currently 151.43%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. HITE Hedge Asset Management LLC raised its position in shares of EnLink Midstream by 2,629.4% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock valued at $27,560,000 after buying an additional 1,929,551 shares during the period. Hennessy Advisors Inc. raised its position in shares of EnLink Midstream by 1,614.2% during the 4th quarter. Hennessy Advisors Inc. now owns 1,868,500 shares of the pipeline company’s stock valued at $22,721,000 after buying an additional 1,759,500 shares during the period. Chickasaw Capital Management LLC raised its position in shares of EnLink Midstream by 5.5% during the 2nd quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock valued at $200,924,000 after buying an additional 759,994 shares during the period. Millennium Management LLC raised its position in shares of EnLink Midstream by 1,433.6% during the 2nd quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock valued at $6,850,000 after buying an additional 465,383 shares during the period. Finally, Westwood Holdings Group Inc. increased its holdings in EnLink Midstream by 22.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock valued at $30,629,000 after purchasing an additional 416,424 shares during the last quarter. 45.87% of the stock is owned by hedge funds and other institutional investors.

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.