EnLink Midstream (NYSE:ENLC) Cut to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to an equal weight rating in a research report released on Monday, MarketBeat reports. The firm currently has $16.00 target price on the pipeline company’s stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Company cut EnLink Midstream from an overweight rating to an equal weight rating and lowered their target price for the company from $16.00 to $15.00 in a research report on Friday, August 30th. Capital One Financial restated an equal weight rating and set a $16.00 price objective on shares of EnLink Midstream in a research note on Tuesday, September 3rd. StockNews.com upgraded shares of EnLink Midstream from a hold rating to a buy rating in a research report on Tuesday, September 10th. Royal Bank of Canada reissued a sector perform rating and set a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, August 29th. Finally, Stifel Nicolaus lowered shares of EnLink Midstream from a buy rating to a hold rating and set a $15.00 price target for the company. in a research note on Friday, August 30th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, EnLink Midstream currently has an average rating of Moderate Buy and an average price target of $15.33.

EnLink Midstream Stock Performance

ENLC stock opened at $14.68 on Monday. The stock’s fifty day moving average is $13.60 and its two-hundred day moving average is $13.40. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 41.93 and a beta of 2.40. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. EnLink Midstream has a 1 year low of $11.44 and a 1 year high of $14.80.

EnLink Midstream (NYSE:ENLC) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same period in the previous year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. On average, research analysts predict that EnLink Midstream will post 0.59 EPS for the current year.

EnLink Midstream Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were given a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a yield of 3.61%. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, August 2nd. EnLink Midstream’s payout ratio is presently 151.43%.

Institutional Investors Weigh In On EnLink Midstream

A number of institutional investors have recently bought and sold shares of the business. Clearbridge Investments LLC purchased a new stake in shares of EnLink Midstream in the first quarter worth approximately $873,000. Hennessy Advisors Inc. lifted its position in EnLink Midstream by 13.3% in the 1st quarter. Hennessy Advisors Inc. now owns 2,116,600 shares of the pipeline company’s stock worth $28,870,000 after buying an additional 248,100 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of EnLink Midstream by 240.5% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,500 shares of the pipeline company’s stock valued at $4,530,000 after buying an additional 263,100 shares during the period. Miller Howard Investments Inc. NY grew its holdings in shares of EnLink Midstream by 3.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 2,160,476 shares of the pipeline company’s stock valued at $29,469,000 after acquiring an additional 68,877 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of EnLink Midstream in the first quarter worth $1,453,000. 45.87% of the stock is currently owned by institutional investors and hedge funds.

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.