Short Interest in EnLink Midstream, LLC (NYSE:ENLC) Decreases By 9.6%

EnLink Midstream, LLC (NYSE:ENLC) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totalling 8,210,000 shares, a drop of 9.6% from the September 30th total of 9,080,000 shares. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily volume of 2,310,000 shares, the days-to-cover ratio is currently 3.6 days.

EnLink Midstream Trading Down 0.9 %

NYSE:ENLC traded down $0.13 during trading hours on Friday, hitting $14.71. The company had a trading volume of 1,328,799 shares, compared to its average volume of 2,014,557. The company has a market capitalization of $6.79 billion, a PE ratio of 49.43 and a beta of 2.40. The stock has a 50-day moving average price of $14.48 and a 200 day moving average price of $13.73. EnLink Midstream has a 52 week low of $11.53 and a 52 week high of $14.96. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65.

EnLink Midstream (NYSE:ENLC) last released 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). The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The business’s revenue was up 1.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 EPS. On average, equities research analysts predict that EnLink Midstream will post 0.58 EPS for the current fiscal year.

EnLink Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be issued a $0.1325 dividend. This represents a $0.53 annualized dividend and a yield of 3.60%. The ex-dividend date is Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) is currently 176.67%.

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 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 filing with the SEC, which can be accessed through the SEC website. 0.84% of the stock is currently owned by insiders.

Institutional Trading of EnLink Midstream

Large investors have recently added to or reduced their stakes in the stock. ORG Partners LLC bought a new stake in shares of EnLink Midstream during the 2nd quarter valued at $28,000. Newbridge Financial Services Group Inc. purchased a new position in shares of EnLink Midstream in the 2nd quarter worth about $56,000. SG Americas Securities LLC purchased a new position in shares of EnLink Midstream in the 1st quarter worth about $105,000. First Horizon Advisors Inc. raised its position in shares of EnLink Midstream by 12.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after purchasing an additional 853 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of EnLink Midstream by 21.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock worth $116,000 after purchasing an additional 1,511 shares during the last quarter. Institutional investors own 45.87% of the company’s stock.

Analysts Set New Price Targets

ENLC has been the topic of several research reports. Stifel Nicolaus downgraded shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price target on the stock. in a research note on Friday, August 30th. Morgan Stanley downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target on the stock. in a research note on Monday, September 16th. StockNews.com raised shares of EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Wells Fargo & Company downgraded shares of 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 note on Friday, August 30th. Finally, Capital One Financial reaffirmed an “equal weight” rating and issued a $16.00 target price on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Eight research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, EnLink Midstream has an average rating of “Hold” and an average target price of $15.40.

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.