EnLink Midstream, LLC (NYSE:ENLC) Plans $0.13 Quarterly Dividend

EnLink Midstream, LLC (NYSE:ENLC) announced a quarterly dividend on Monday, October 14th, NASDAQ reports. Shareholders of record on Friday, November 1st will be given a dividend of 0.1325 per share by the pipeline company on Thursday, November 14th. This represents a $0.53 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Friday, November 1st.

EnLink Midstream has increased its dividend payment by an average of 2.2% per year over the last three years. EnLink Midstream has a payout ratio of 72.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect EnLink Midstream to earn $0.68 per share next year, which means the company should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 77.9%.

EnLink Midstream Stock Up 0.4 %

Shares of NYSE ENLC opened at $14.90 on Thursday. The firm has a 50 day moving average price of $14.44 and a 200 day moving average price of $13.72. The stock has a market cap of $6.88 billion, a P/E ratio of 49.67 and a beta of 2.40. EnLink Midstream has a 52-week low of $11.53 and a 52-week high of $14.94. 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 (NYSE:ENLC) last issued its quarterly earnings data 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 analyst estimates of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. EnLink Midstream’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Analysts expect that EnLink Midstream will post 0.58 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Morgan Stanley cut 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. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Friday, August 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 price target on shares of EnLink Midstream in a research note on Thursday, August 29th. Finally, Capital One Financial reiterated an “equal weight” rating and issued a $16.00 price target on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Seven 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $15.44.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were 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 SEC, which is available through the SEC website. Insiders own 0.84% 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.