EnLink Midstream, LLC to Issue Quarterly Dividend of $0.13 (NYSE:ENLC)

EnLink Midstream, LLC (NYSE:ENLC) announced a quarterly dividend on Thursday, April 11th, Zacks reports. Stockholders of record on Friday, April 26th will be paid a dividend of 0.132 per share by the pipeline company on Tuesday, May 14th. This represents a $0.53 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Thursday, April 25th.

EnLink Midstream has raised its dividend by an average of 2.2% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. EnLink Midstream has a payout ratio of 70.7% meaning its dividend is sufficiently covered by earnings. Analysts expect EnLink Midstream to earn $0.75 per share next year, which means the company should continue to be able to cover its $0.53 annual dividend with an expected future payout ratio of 70.7%.

EnLink Midstream Stock Down 0.3 %

Shares of ENLC opened at $13.61 on Wednesday. The stock has a market capitalization of $6.17 billion, a PE ratio of 30.93 and a beta of 2.39. EnLink Midstream has a 1 year low of $8.45 and a 1 year high of $14.18. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.84 and a current ratio of 0.84. The company’s 50-day simple moving average is $13.04 and its 200-day simple moving average is $12.65.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings results on Tuesday, February 20th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.14. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.82 billion. EnLink Midstream had a net margin of 2.99% and a return on equity of 8.12%. Analysts forecast that EnLink Midstream will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ENLC. StockNews.com raised shares of EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. UBS Group raised their target price on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “buy” rating in a report on Thursday, January 18th. Capital One Financial assumed coverage on shares of EnLink Midstream in a report on Friday, March 22nd. They issued an “overweight” rating and a $15.00 target price on the stock. Citigroup raised their target price on shares of EnLink Midstream from $13.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. reduced their target price on shares of EnLink Midstream from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.63.

Insider Transactions at EnLink Midstream

In other news, CFO Benjamin D. Lamb sold 250,552 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total transaction of $3,026,668.16. Following the transaction, the chief financial officer now directly owns 534,000 shares in the company, valued at $6,450,720. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Benjamin D. Lamb sold 250,552 shares of EnLink Midstream stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $12.08, for a total value of $3,026,668.16. Following the transaction, the chief financial officer now directly owns 534,000 shares in the company, valued at approximately $6,450,720. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jan Philipp Rossbach sold 50,000 shares of EnLink Midstream stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $12.32, for a total transaction of $616,000.00. Following the completion of the transaction, the chief accounting officer now owns 58,410 shares in the company, valued at $719,611.20. The disclosure for this sale can be found here. Insiders own 0.84% of the company’s stock.

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.