$2.05 Billion in Sales Expected for EnLink Midstream LLC (ENLC) This Quarter
Analysts forecast that EnLink Midstream LLC (NYSE:ENLC) will announce $2.05 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for EnLink Midstream’s earnings, with the lowest sales estimate coming in at $2.04 billion and the highest estimate coming in at $2.07 billion. EnLink Midstream posted sales of $1.40 billion in the same quarter last year, which would indicate a positive year over year growth rate of 46.4%. The firm is expected to issue its next earnings results on Tuesday, October 30th.
On average, analysts expect that EnLink Midstream will report full-year sales of $7.52 billion for the current financial year, with estimates ranging from $7.17 billion to $7.73 billion. For the next financial year, analysts anticipate that the business will post sales of $8.36 billion, with estimates ranging from $7.60 billion to $9.06 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for EnLink Midstream.
EnLink Midstream (NYSE:ENLC) last posted its earnings results on Tuesday, July 31st. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.05). The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.61 billion. EnLink Midstream had a net margin of 3.73% and a return on equity of 0.86%. The company’s revenue for the quarter was up 39.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.15 earnings per share.
In related news, EVP Alaina K. Brooks sold 48,442 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $17.36, for a total transaction of $840,953.12. Following the completion of the transaction, the executive vice president now owns 78,190 shares in the company, valued at approximately $1,357,378.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.24% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. acquired a new position in shares of EnLink Midstream during the 2nd quarter worth about $102,000. Russell Investments Group Ltd. raised its position in shares of EnLink Midstream by 110.1% during the 1st quarter. Russell Investments Group Ltd. now owns 7,934 shares of the pipeline company’s stock worth $116,000 after purchasing an additional 4,157 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of EnLink Midstream by 365.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 8,161 shares of the pipeline company’s stock worth $120,000 after purchasing an additional 6,406 shares during the last quarter. Linscomb & Williams Inc. acquired a new position in shares of EnLink Midstream during the 2nd quarter worth about $171,000. Finally, Koch Industries Inc. acquired a new position in shares of EnLink Midstream during the 1st quarter worth about $184,000. Hedge funds and other institutional investors own 32.40% of the company’s stock.
NYSE ENLC opened at $16.25 on Wednesday. The firm has a market cap of $3.01 billion, a P/E ratio of -325.00 and a beta of 2.63. EnLink Midstream has a 1 year low of $13.80 and a 1 year high of $20.00. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.68 and a quick ratio of 0.68.
About EnLink Midstream
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through five segments: Texas, Oklahoma, Louisiana, Crude and Condensate, and Corporate. The company is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, exporting, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, and trans-loading crude oil, and condensate.
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