EnLink Midstream (NYSE:ENLC) Lowered to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to an equal weight rating in a research report report published on Monday, MarketBeat Ratings reports. They currently have $16.00 price target on the pipeline company’s stock.

ENLC has been the topic of several other reports. Royal Bank of Canada reissued a sector perform rating and set a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, August 29th. Tudor Pickering raised EnLink Midstream to a strong-buy rating in a report on Friday, August 16th. JPMorgan Chase & Co. boosted their price objective on EnLink Midstream from $14.00 to $15.00 and gave the company a neutral rating in a research report on Wednesday, July 10th. Stifel Nicolaus lowered 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. Finally, StockNews.com raised shares of EnLink Midstream from a hold rating to a buy rating in a report on Tuesday, September 10th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $15.33.

EnLink Midstream Stock Performance

NYSE ENLC opened at $14.50 on Monday. EnLink Midstream has a fifty-two week low of $11.44 and a fifty-two week high of $14.80. 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 firm has a market capitalization of $6.69 billion, a P/E ratio of 41.43 and a beta of 2.40. The stock has a 50-day simple moving average of $13.65 and a two-hundred day simple moving average of $13.43.

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 analysts’ consensus estimates of $0.13 by ($0.06). The company 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%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. On average, equities analysts forecast that EnLink Midstream will post 0.59 earnings per share for the current year.

EnLink Midstream Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Friday, August 2nd were issued a $0.1325 dividend. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.53 dividend on an annualized basis and a yield of 3.66%. EnLink Midstream’s dividend payout ratio is presently 151.43%.

Institutional Investors Weigh In On EnLink Midstream

A number of large investors have recently made changes to their positions in ENLC. ORG Partners LLC purchased a new position in EnLink Midstream during the second quarter worth approximately $28,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of EnLink Midstream in the 2nd quarter worth $56,000. Sunbelt Securities Inc. raised its holdings in shares of EnLink Midstream by 24.2% during 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. SG Americas Securities LLC acquired a new position in shares of EnLink Midstream during the 1st quarter valued at about $105,000. Finally, First Horizon Advisors Inc. grew its holdings in shares of EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after purchasing an additional 853 shares during the period. 45.87% of the stock is currently owned by hedge funds and other 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.