EnLink Midstream’s (ENLC) Sector Perform Rating Reiterated at Royal Bank of Canada

EnLink Midstream (NYSE:ENLC)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank of Canada in a report issued on Thursday,Benzinga reports. They presently have a $15.00 price objective on the pipeline company’s stock. Royal Bank of Canada’s target price would indicate a potential downside of 3.78% from the stock’s previous close.

A number of other research analysts have also weighed in on the company. Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $16.00 to $15.00 in a research report on Friday, August 30th. Morgan Stanley downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price objective on the stock. in a research note on Monday, September 16th. Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Stifel Nicolaus cut shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price target on the stock. in a research report on Friday, August 30th. Finally, Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. Nine 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’s stock. According to MarketBeat, EnLink Midstream currently has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Price Performance

Shares of EnLink Midstream stock traded up $0.13 during trading hours on Thursday, hitting $15.59. The company’s stock had a trading volume of 24,775 shares, compared to its average volume of 2,011,473. The company has a market cap of $7.13 billion, a PE ratio of 73.76 and a beta of 2.41. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.42 and a current ratio of 0.42. The business has a 50 day moving average price of $14.84 and a two-hundred day moving average price of $13.91. EnLink Midstream has a 12-month low of $11.53 and a 12-month high of $15.67.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 earnings per share. Analysts expect that EnLink Midstream will post 0.55 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On EnLink Midstream

A number of large investors have recently added to or reduced their stakes in ENLC. Clearbridge Investments LLC acquired a new stake in EnLink Midstream in the first quarter valued at approximately $873,000. Janus Henderson Group PLC acquired a new stake in EnLink Midstream in the first quarter worth about $1,453,000. Miller Howard Investments Inc. NY grew its stake in shares of EnLink Midstream by 4.3% during the second quarter. Miller Howard Investments Inc. NY now owns 2,254,063 shares of the pipeline company’s stock worth $31,016,000 after acquiring an additional 93,587 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of EnLink Midstream by 100.8% during the third quarter. Van ECK Associates Corp now owns 127,462 shares of the pipeline company’s stock valued at $1,883,000 after acquiring an additional 63,997 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its position in shares of EnLink Midstream by 22.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock valued at $30,629,000 after purchasing an additional 416,424 shares during the last quarter. 45.87% of the stock is currently owned by 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.