EnLink Midstream (NYSE:ENLC) Hits New 52-Week High – Here’s What Happened

EnLink Midstream, LLC (NYSE:ENLC)’s share price hit a new 52-week high on Thursday . The company traded as high as $15.69 and last traded at $15.67, with a volume of 2036143 shares traded. The stock had previously closed at $15.46.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 price target on shares of EnLink Midstream in a report on Thursday. Stifel Nicolaus downgraded EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price target on the stock. in a report on Friday, August 30th. Tudor, Pickering, Holt & Co. raised 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. Capital One Financial restated an “equal weight” rating and set a $16.00 price objective on shares of EnLink Midstream in a report on Tuesday, September 3rd. Finally, Wells Fargo & Company downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $16.00 to $15.00 in a research report on Friday, August 30th. Nine investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $15.40.

EnLink Midstream Price Performance

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 firm has a fifty day moving average of $14.84 and a two-hundred day moving average of $13.91. The stock has a market capitalization of $7.16 billion, a P/E ratio of 74.62 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.16). The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. EnLink Midstream’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.10 EPS. On average, analysts predict that EnLink Midstream, LLC will post 0.55 EPS for the current year.

EnLink Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were issued a $0.1325 dividend. The ex-dividend date was Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.38%. EnLink Midstream’s dividend payout ratio is presently 252.38%.

Insider Buying and Selling

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EnLink Midstream

Large investors have recently made changes to their positions in the business. ORG Partners LLC acquired a new stake in shares of EnLink Midstream in the 2nd quarter worth $28,000. Newbridge Financial Services Group Inc. purchased a new stake in EnLink Midstream in the second quarter valued at about $56,000. Icon Wealth Advisors LLC acquired a new stake in EnLink Midstream in the third quarter worth about $107,000. SG Americas Securities LLC purchased a new stake in shares of EnLink Midstream during the first quarter worth about $105,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of EnLink Midstream by 12.5% during the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 853 shares in the last quarter. 45.87% of the stock is 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.