EnLink Midstream (NYSE:ENLC) Downgraded by UBS Group

UBS Group cut shares of EnLink Midstream (NYSE:ENLC) from a buy rating to a neutral rating in a research note released on Monday morning, MarketBeat Ratings reports. UBS Group currently has $16.00 price objective on the pipeline company’s stock.

Several other research analysts have also recently weighed in on ENLC. Wells Fargo & Company cut EnLink Midstream from an overweight rating to an equal weight rating and reduced their price target for the company from $16.00 to $15.00 in a research report on Friday, August 30th. Morgan Stanley cut shares of EnLink Midstream from an overweight rating to an equal weight rating and set a $16.00 price objective for the company. in a report on Monday, September 16th. JPMorgan Chase & Co. upped their price target on EnLink Midstream from $14.00 to $15.00 and gave the stock a neutral rating in a report on Wednesday, July 10th. StockNews.com upgraded EnLink Midstream from a hold rating to a buy rating in a research report on Tuesday, September 10th. Finally, Tudor Pickering upgraded EnLink Midstream to a strong-buy rating in a research report on Friday, August 16th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $15.44.

EnLink Midstream Price Performance

Shares of ENLC opened at $14.65 on Monday. 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 company’s fifty day moving average price is $13.75 and its 200-day moving average price is $13.55. EnLink Midstream has a 1-year low of $11.44 and a 1-year high of $14.80. The firm has a market capitalization of $6.61 billion, a PE ratio of 41.84 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last posted 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). 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 analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the firm posted $0.12 EPS. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts predict that EnLink Midstream will post 0.59 EPS for the current year.

EnLink Midstream Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.1325 per share. This is a boost 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 yield of 3.62%. EnLink Midstream’s dividend payout ratio (DPR) is 151.43%.

Institutional Trading of EnLink Midstream

Hedge funds and other institutional investors have recently modified their holdings of the business. Clearbridge Investments LLC purchased a new position in EnLink Midstream during the first quarter worth about $873,000. Hennessy Advisors Inc. raised its position in EnLink Midstream by 13.3% in the first quarter. Hennessy Advisors Inc. now owns 2,116,600 shares of the pipeline company’s stock valued at $28,870,000 after purchasing an additional 248,100 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in EnLink Midstream by 240.5% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,500 shares of the pipeline company’s stock worth $4,530,000 after purchasing an additional 263,100 shares in the last quarter. Miller Howard Investments Inc. NY boosted its position in shares of EnLink Midstream by 3.3% during the first quarter. Miller Howard Investments Inc. NY now owns 2,160,476 shares of the pipeline company’s stock worth $29,469,000 after buying an additional 68,877 shares during the period. Finally, Janus Henderson Group PLC acquired a new stake in shares of EnLink Midstream in the first quarter valued at $1,453,000. 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.