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

EnLink Midstream, LLC (NYSE:ENLC) shares hit a new 52-week high on Tuesday . The company 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.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. UBS Group cut EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Monday, September 30th. 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 research note on Friday, August 30th. Morgan Stanley cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a research note on Monday, September 16th. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. Finally, Tudor, Pickering, Holt & Co. raised EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Friday, August 16th. 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 stock. According to data from MarketBeat.com, EnLink Midstream has a consensus rating of “Hold” and a consensus price target of $15.40.

EnLink Midstream Trading Down 0.5 %

The company has a fifty day moving average of $14.44 and a two-hundred day moving average of $13.72. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of 49.43 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last posted its 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 return on equity of 8.22% and a net margin of 2.15%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same quarter last year, the firm posted $0.12 earnings per share. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. On average, research analysts expect that EnLink Midstream, LLC will post 0.58 EPS for the current year.

EnLink Midstream Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.1325 per share. The ex-dividend date is Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.57%. EnLink Midstream’s dividend payout ratio (DPR) is presently 176.67%.

Insider Transactions at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of EnLink Midstream

A number of institutional investors and hedge funds have recently modified their holdings of ENLC. Maryland State Retirement & Pension System increased its position in shares of EnLink Midstream by 1.9% during the first quarter. Maryland State Retirement & Pension System now owns 202,971 shares of the pipeline company’s stock valued at $2,732,000 after purchasing an additional 3,842 shares during the period. SG Americas Securities LLC bought a new stake in shares of EnLink Midstream during the first quarter valued at approximately $105,000. Clearbridge Investments LLC bought a new stake in EnLink Midstream in the first quarter valued at $873,000. CANADA LIFE ASSURANCE Co grew its position in EnLink Midstream by 4.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 184,007 shares of the pipeline company’s stock valued at $2,513,000 after acquiring an additional 8,218 shares during the period. Finally, Westwood Holdings Group Inc. grew its position in EnLink Midstream by 22.8% in the first quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock valued at $30,629,000 after acquiring an additional 416,424 shares during the period. 45.87% of the stock is currently owned by institutional investors.

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.