EnLink Midstream (NYSE:ENLC) Shares Gap Down to $13.72

EnLink Midstream, LLC (NYSE:ENLCGet Free Report)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $13.72, but opened at $12.88. EnLink Midstream shares last traded at $12.99, with a volume of 817,674 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ENLC shares. JPMorgan Chase & Co. lowered their price objective on EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, February 29th. Capital One Financial started coverage on EnLink Midstream in a research note on Friday, March 22nd. They issued an “overweight” rating and a $15.00 price objective on the stock. Citigroup boosted their price objective on EnLink Midstream from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. UBS Group boosted their price objective on EnLink Midstream from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. Finally, StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Friday, April 19th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.29.

View Our Latest Research Report on ENLC

EnLink Midstream Stock Performance

The company has a 50-day moving average price of $13.22 and a two-hundred day moving average price of $12.70. The stock has a market capitalization of $5.84 billion, a P/E ratio of 36.80 and a beta of 2.39. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.70.

EnLink Midstream (NYSE:ENLCGet Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share for the quarter, meeting the consensus estimate of $0.14. EnLink Midstream had a return on equity of 8.45% and a net margin of 2.40%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Equities analysts expect that EnLink Midstream, LLC will post 0.6 earnings per share for the current year.

EnLink Midstream Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 14th. Investors of record on Friday, April 26th will be given a $0.132 dividend. This represents a $0.53 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Thursday, April 25th. EnLink Midstream’s dividend payout ratio (DPR) is 151.43%.

Insider Buying and Selling

In related news, CFO Benjamin D. Lamb sold 250,552 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total value of $3,026,668.16. Following the transaction, the chief financial officer now directly owns 534,000 shares in the company, valued at $6,450,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other EnLink Midstream news, CFO Benjamin D. Lamb sold 250,552 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $12.08, for a total value of $3,026,668.16. Following the completion of the sale, the chief financial officer now owns 534,000 shares of the company’s stock, valued at $6,450,720. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jan Philipp Rossbach sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $12.32, for a total value of $616,000.00. Following the completion of the sale, the chief accounting officer now directly owns 58,410 shares of the company’s stock, valued at approximately $719,611.20. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.

Institutional Trading of EnLink Midstream

Several hedge funds and other institutional investors have recently bought and sold shares of ENLC. Mirae Asset Global Investments Co. Ltd. boosted its stake in EnLink Midstream by 70.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,458,844 shares of the pipeline company’s stock worth $152,247,000 after buying an additional 5,152,252 shares in the last quarter. Alps Advisors Inc. boosted its stake in shares of EnLink Midstream by 11.0% during the third quarter. Alps Advisors Inc. now owns 42,389,633 shares of the pipeline company’s stock valued at $518,001,000 after purchasing an additional 4,200,733 shares during the period. Hennessy Advisors Inc. boosted its stake in shares of EnLink Midstream by 1,614.2% during the fourth quarter. Hennessy Advisors Inc. now owns 1,868,500 shares of the pipeline company’s stock valued at $22,721,000 after purchasing an additional 1,759,500 shares during the period. Kayne Anderson Capital Advisors LP boosted its stake in shares of EnLink Midstream by 79.1% during the third quarter. Kayne Anderson Capital Advisors LP now owns 1,749,100 shares of the pipeline company’s stock valued at $21,374,000 after purchasing an additional 772,700 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its stake in shares of EnLink Midstream by 13.9% during the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,093,557 shares of the pipeline company’s stock valued at $37,618,000 after purchasing an additional 378,450 shares during the period. Hedge funds and other institutional investors own 45.87% of the company’s stock.

EnLink Midstream Company Profile

(Get Free Report)

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.

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