EnLink Midstream (NYSE:ENLC) Shares Gap Down to $14.40

EnLink Midstream, LLC (NYSE:ENLC)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $14.40, but opened at $14.03. EnLink Midstream shares last traded at $14.18, with a volume of 476,511 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have commented on ENLC. Morgan Stanley lifted their price objective on shares of EnLink Midstream from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. lifted their price objective on shares of EnLink Midstream from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Tudor, Pickering, Holt & Co. raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Friday, August 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a report on Thursday. Finally, Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.10.

EnLink Midstream Trading Down 0.3 %

The company has a market cap of $6.48 billion, a price-to-earnings ratio of 41.03 and a beta of 2.43. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65. The firm’s fifty day moving average price is $13.46 and its 200-day moving average price is $13.22.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm posted $0.12 EPS. The business’s revenue was up 1.4% compared to the same quarter last year. On average, equities analysts expect that EnLink Midstream, LLC will post 0.65 EPS for the current fiscal year.

EnLink Midstream Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.1325 per share. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.53 annualized dividend and a dividend yield of 3.69%. EnLink Midstream’s payout ratio is 151.43%.

Institutional Investors Weigh In On EnLink Midstream

Several institutional investors have recently bought and sold shares of ENLC. Van ECK Associates Corp lifted its holdings in EnLink Midstream by 11.3% in the fourth quarter. Van ECK Associates Corp now owns 78,636 shares of the pipeline company’s stock worth $956,000 after purchasing an additional 7,962 shares during the period. Victory Capital Management Inc. acquired a new stake in EnLink Midstream in the fourth quarter worth about $375,000. TCG Advisory Services LLC acquired a new stake in EnLink Midstream in the fourth quarter worth about $2,991,000. Kayne Anderson Capital Advisors LP lifted its holdings in EnLink Midstream by 6.4% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 1,860,400 shares of the pipeline company’s stock worth $22,622,000 after purchasing an additional 111,300 shares during the period. Finally, Jump Financial LLC raised its position in EnLink Midstream by 98.8% in the fourth quarter. Jump Financial LLC now owns 60,025 shares of the pipeline company’s stock worth $730,000 after acquiring an additional 29,824 shares in the last quarter. Institutional investors and hedge funds 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.