EnLink Midstream (NYSE:ENLC) Sets New 1-Year High – Still a Buy?

EnLink Midstream, LLC (NYSE:ENLC) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $14.84 and last traded at $14.74, with a volume of 49838 shares. The stock had previously closed at $14.73.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on EnLink Midstream from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 10th. Stifel Nicolaus downgraded shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a research report on Friday, August 30th. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, August 29th. Finally, Morgan Stanley cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target for the company. in a research note on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $15.44.

EnLink Midstream Price Performance

The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65. The company has a 50-day simple moving average of $14.13 and a 200-day simple moving average of $13.66. The company has a market cap of $6.79 billion, a price-to-earnings ratio of 49.10 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.06). The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the company earned $0.12 EPS. As a group, research analysts predict that EnLink Midstream, LLC will post 0.59 earnings per share for the current year.

EnLink Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be given a dividend of $0.1325 per share. This represents a $0.53 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Friday, November 1st. EnLink Midstream’s dividend payout ratio is presently 176.67%.

Insider Activity at EnLink Midstream

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction 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 SEC, which is available at this link. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On EnLink Midstream

Hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. raised its holdings 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 period. First Dallas Securities Inc. lifted its stake in shares of EnLink Midstream by 0.6% during the second quarter. First Dallas Securities Inc. now owns 158,598 shares of the pipeline company’s stock worth $2,182,000 after purchasing an additional 960 shares in the last quarter. Callahan Advisors LLC boosted its position in shares of EnLink Midstream by 8.7% in the second quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock worth $172,000 after buying an additional 1,000 shares during the period. Bank of New York Mellon Corp grew its stake in shares of EnLink Midstream by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after buying an additional 1,151 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its holdings in EnLink Midstream by 24.2% in the 1st quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock worth $94,000 after acquiring an additional 1,343 shares during the period. Institutional investors and hedge funds own 45.87% of the company’s stock.

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.