EnLink Midstream (NYSE:ENLC) Reaches New 52-Week High – Here’s Why

Shares of EnLink Midstream, LLC (NYSE:ENLC) hit a new 52-week high during trading on Tuesday . The stock traded as high as $14.87 and last traded at $14.84, with a volume of 1296853 shares. The stock had previously closed at $14.71.

Wall Street Analysts Forecast Growth

ENLC has been the topic of several research analyst reports. Stifel Nicolaus cut EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a report on Friday, August 30th. Capital One Financial reaffirmed an “equal weight” rating and set a $16.00 price target on shares of EnLink Midstream in a research note on Tuesday, September 3rd. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. increased their target price on EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $15.00 in a research report on Friday, August 30th. Eight equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.40.

EnLink Midstream Stock Performance

The stock has a 50-day moving average of $14.44 and a 200-day moving average of $13.72. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of 49.43 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 (NYSE:ENLC) last announced 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). The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. As a group, analysts anticipate that EnLink Midstream, LLC 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. Shareholders of record on Friday, November 1st will be given a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, November 1st. EnLink Midstream’s dividend payout ratio (DPR) is 176.67%.

Insiders Place Their Bets

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Catalyst Capital Advisors LLC increased its holdings in shares of EnLink Midstream by 120.1% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock worth $30,348,000 after acquiring an additional 1,141,254 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of EnLink Midstream by 100.8% during the 3rd quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock worth $1,883,000 after acquiring an additional 63,997 shares during the last quarter. Inscription Capital LLC acquired a new position in shares of EnLink Midstream during the 3rd quarter worth approximately $154,000. Insight Folios Inc increased its holdings in shares of EnLink Midstream by 16.3% during the 3rd quarter. Insight Folios Inc now owns 25,077 shares of the pipeline company’s stock worth $364,000 after acquiring an additional 3,510 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in EnLink Midstream by 13.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,090 shares of the pipeline company’s stock valued at $233,000 after purchasing an additional 1,958 shares during the period. 45.87% of the stock is owned by institutional investors and hedge funds.

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.