StockNews.com Initiates Coverage on EnLink Midstream (NYSE:ENLC)

Research analysts at StockNews.com began coverage on shares of EnLink Midstream (NYSE:ENLC) in a report released on Saturday. The brokerage set a “hold” rating on the pipeline company’s stock.

ENLC has been the subject of a number of other research reports. Raymond James lowered shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a report on Friday, November 8th. US Capital Advisors downgraded EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Capital One Financial reissued an “equal weight” rating and issued a $16.00 target price on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Finally, Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Friday, August 16th. Eleven investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Price Performance

ENLC opened at $14.64 on Friday. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.42 and a quick ratio of 0.42. The stock has a market capitalization of $6.69 billion, a P/E ratio of 69.71 and a beta of 2.44. The company’s 50 day simple moving average is $15.11 and its 200-day simple moving average is $14.17. EnLink Midstream has a one year low of $11.53 and a one year high of $16.40.

EnLink Midstream (NYSE:ENLC) last released its earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The business’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share. Sell-side analysts anticipate that EnLink Midstream will post 0.51 earnings per share for the current fiscal year.

Insider Activity at EnLink Midstream

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On EnLink Midstream

Several hedge funds have recently modified their holdings of ENLC. Van ECK Associates Corp lifted its position in shares of EnLink Midstream by 100.8% in the third quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock valued at $1,883,000 after buying an additional 63,997 shares during the last quarter. Miller Howard Investments Inc. NY lifted its holdings in EnLink Midstream by 4.3% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 2,254,063 shares of the pipeline company’s stock valued at $31,016,000 after purchasing an additional 93,587 shares during the last quarter. Westwood Holdings Group Inc. boosted its position in EnLink Midstream by 4.7% during the second quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock worth $32,363,000 after purchasing an additional 106,467 shares during the period. Catalyst Capital Advisors LLC increased its holdings in shares of EnLink Midstream by 120.1% in the third quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock valued at $30,348,000 after purchasing an additional 1,141,254 shares during the last quarter. Finally, Walleye Capital LLC raised its position in shares of EnLink Midstream by 1,829.6% in the third quarter. Walleye Capital LLC now owns 282,246 shares of the pipeline company’s stock valued at $4,095,000 after purchasing an additional 267,619 shares during the period. Institutional investors own 45.87% of the company’s stock.

About EnLink Midstream

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.