EnLink Midstream (NYSE:ENLC) Downgraded to Market Perform Rating by Raymond James

Raymond James cut shares of EnLink Midstream (NYSE:ENLC) from an outperform rating to a market perform rating in a research note published on Friday morning, Marketbeat Ratings reports.

Several other equities research analysts also recently issued reports on ENLC. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Friday, August 16th. Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. 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 note on Monday, September 16th. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Finally, UBS Group cut EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price target for the company. in a research note on Monday, September 30th. Nine equities 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 MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.40.

EnLink Midstream Price Performance

NYSE:ENLC traded down $0.29 during mid-day trading on Friday, reaching $15.21. 3,541,098 shares of the stock were exchanged, compared to its average volume of 2,037,051. 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 business has a fifty day moving average price of $14.66 and a 200 day moving average price of $13.80. EnLink Midstream has a 1-year low of $11.53 and a 1-year high of $15.67. The firm has a market capitalization of $7.02 billion, a PE ratio of 72.43 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC) last posted 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 company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.90 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 8.82%. EnLink Midstream’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 EPS. Research analysts expect that EnLink Midstream will post 0.58 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders 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 3.48%. EnLink Midstream’s payout ratio is presently 252.38%.

Insider Buying and Selling

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the firm’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 legal filing with the SEC, which is accessible through this link. 0.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EnLink Midstream

Institutional investors and hedge funds have recently made changes to their positions in the company. HITE Hedge Asset Management LLC grew its stake in EnLink Midstream by 2,629.4% in the second 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 period. Catalyst Capital Advisors LLC increased 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 worth $30,348,000 after purchasing an additional 1,141,254 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in EnLink Midstream by 32.4% during the 3rd 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 buying an additional 812,767 shares during the period. Chickasaw Capital Management LLC lifted its stake in EnLink Midstream by 5.5% in the second 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 boosted its holdings in shares of EnLink Midstream by 1,433.6% in the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock valued at $6,850,000 after buying an additional 465,383 shares during the period. Institutional investors and hedge funds own 45.87% of the company’s stock.

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.