EnLink Midstream, LLC (NYSE:ENLC) Sees Large Growth in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) was the target of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 9,080,000 shares, an increase of 12.0% from the September 15th total of 8,110,000 shares. Based on an average daily volume of 2,400,000 shares, the short-interest ratio is presently 3.8 days. Approximately 3.9% of the shares of the stock are short sold.

Institutional Trading of EnLink Midstream

A number of large investors have recently modified their holdings of ENLC. HITE Hedge Asset Management LLC increased its position in shares of EnLink Midstream by 2,629.4% during the second quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock worth $27,560,000 after acquiring an additional 1,929,551 shares during the period. Chickasaw Capital Management LLC increased its position in shares of EnLink Midstream by 5.5% during the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock worth $200,924,000 after acquiring an additional 759,994 shares during the period. Millennium Management LLC increased its position in shares of EnLink Midstream by 1,433.6% during the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock worth $6,850,000 after acquiring an additional 465,383 shares during the period. Westwood Holdings Group Inc. increased its holdings in EnLink Midstream by 22.8% in the first quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock valued at $30,629,000 after buying an additional 416,424 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in EnLink Midstream by 64.7% in the second quarter. Cubist Systematic Strategies LLC now owns 969,102 shares of the pipeline company’s stock valued at $13,335,000 after buying an additional 380,729 shares during the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

EnLink Midstream Trading Down 0.6 %

NYSE ENLC traded down $0.09 on Tuesday, reaching $14.61. The stock had a trading volume of 1,524,643 shares, compared to its average volume of 2,042,051. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 42.01 and a beta of 2.40. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.72. EnLink Midstream has a 12-month low of $11.53 and a 12-month high of $14.80. The stock has a fifty day moving average price of $13.94 and a two-hundred day moving average price of $13.64.

EnLink Midstream (NYSE:ENLC) last announced its 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 firm 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. As a group, sell-side analysts forecast that EnLink Midstream will post 0.59 EPS for the current fiscal year.

EnLink Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders 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 dividend yield of 3.63%. The ex-dividend date of this dividend is Friday, November 1st. EnLink Midstream’s dividend payout ratio is currently 151.43%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ENLC. Wells Fargo & Company cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a report on Thursday, August 29th. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Friday, August 16th. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Finally, StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Seven research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.44.

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.