EnLink Midstream (NYSE:ENLC) Sees Large Volume Increase – Time to Buy?

Shares of EnLink Midstream, LLC (NYSE:ENLC) saw unusually-high trading volume on Monday . Approximately 4,148,038 shares traded hands during mid-day trading, an increase of 104% from the previous session’s volume of 2,029,428 shares.The stock last traded at $15.86 and had previously closed at $15.75.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ENLC. Stifel Nicolaus downgraded shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a report on Friday, August 30th. Capital One Financial restated an “equal weight” rating and issued a $16.00 price objective on shares of EnLink Midstream in a report on Tuesday, September 3rd. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Wells Fargo & Company cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $16.00 to $15.00 in a research report on Friday, August 30th. Finally, 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 research note on Friday, August 16th. Ten investment 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 presently has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Stock Down 0.4 %

The company has a market capitalization of $7.24 billion, a P/E ratio of 75.76 and a beta of 2.41. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The stock has a 50 day moving average price of $14.94 and a 200 day moving average price of $13.98.

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

EnLink Midstream Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were issued a $0.1325 dividend. This represents a $0.53 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Friday, November 1st. EnLink Midstream’s payout ratio is 252.38%.

Insider Activity

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of EnLink Midstream stock in a transaction that occurred on 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 legal filing with the SEC, which is available at the SEC website. 0.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in shares of EnLink Midstream by 9.7% in the 3rd quarter. Tidal Investments LLC now owns 18,315 shares of the pipeline company’s stock worth $266,000 after buying an additional 1,623 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in EnLink Midstream during the third quarter valued at about $98,000. Sanctuary Advisors LLC grew its stake in shares of EnLink Midstream by 8.5% during the third quarter. Sanctuary Advisors LLC now owns 30,031 shares of the pipeline company’s stock valued at $473,000 after buying an additional 2,362 shares during the last quarter. Zimmer Partners LP purchased a new stake in EnLink Midstream during the 3rd quarter valued at about $363,000. Finally, Brookfield Corp ON boosted its stake in shares of EnLink Midstream by 97.1% during the third quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock valued at $52,285,000 after purchasing an additional 1,775,203 shares during the period. 45.87% of the stock is owned by institutional investors.

EnLink Midstream Company Profile

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.