EnLink Midstream, LLC (NYSE:ENLC) Short Interest Update

EnLink Midstream, LLC (NYSE:ENLC) saw a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 8,210,000 shares, a decrease of 9.6% from the September 30th total of 9,080,000 shares. Approximately 3.2% of the company’s stock are sold short. Based on an average daily volume of 2,310,000 shares, the days-to-cover ratio is currently 3.6 days.

EnLink Midstream Trading Up 0.4 %

NYSE ENLC traded up $0.06 during mid-day trading on Wednesday, reaching $14.90. 2,245,301 shares of the stock were exchanged, compared to its average volume of 2,016,592. The business’s fifty day simple moving average is $14.41 and its 200 day simple moving average is $13.71. 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 has a 1-year low of $11.53 and a 1-year high of $14.94. The stock has a market capitalization of $6.88 billion, a PE ratio of 49.23 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.06). The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.90 billion. EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business’s revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm posted $0.12 earnings per share. On average, research analysts anticipate that EnLink Midstream will post 0.58 earnings per share for the current fiscal year.

EnLink Midstream Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be paid a $0.1325 dividend. The ex-dividend date is Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a yield of 3.56%. EnLink Midstream’s payout ratio is currently 176.67%.

Insiders Place Their Bets

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently made changes to their positions in ENLC. HITE Hedge Asset Management LLC lifted its holdings in EnLink Midstream by 2,629.4% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock valued at $27,560,000 after acquiring an additional 1,929,551 shares during the last quarter. Catalyst Capital Advisors LLC grew its stake in 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 valued at $30,348,000 after acquiring an additional 1,141,254 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of EnLink Midstream by 32.4% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company’s stock worth $48,236,000 after acquiring an additional 812,767 shares during the last quarter. Chickasaw Capital Management LLC grew its stake in shares of EnLink Midstream by 5.5% in the 2nd quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock valued at $200,924,000 after buying an additional 759,994 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of EnLink Midstream by 1,433.6% during the 2nd quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock valued at $6,850,000 after purchasing an additional 465,383 shares in the last quarter. 45.87% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on ENLC. Stifel Nicolaus lowered 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. Wells Fargo & Company downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $15.00 in a research note on Friday, August 30th. Morgan Stanley downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a research report on Monday, September 16th. Tudor Pickering raised EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. raised their target price on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. Seven equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $15.44.

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.