Raymond James Reaffirms “Buy” Rating for EnLink Midstream (ENLC)
Raymond James reaffirmed their buy rating on shares of EnLink Midstream (NYSE:ENLC) in a research report report published on Friday morning. The firm currently has a $19.00 price objective on the pipeline company’s stock.
A number of other brokerages have also recently weighed in on ENLC. B. Riley set a $18.00 price objective on EnLink Midstream and gave the stock a hold rating in a research note on Monday, June 4th. Bank of America upped their price objective on EnLink Midstream from $15.00 to $18.00 and gave the stock a neutral rating in a research note on Tuesday, June 5th. ValuEngine upgraded EnLink Midstream from a strong sell rating to a sell rating in a research note on Friday, June 1st. Robert W. Baird restated a hold rating and set a $18.00 price objective on shares of EnLink Midstream in a research note on Monday, August 6th. Finally, Barclays set a $15.00 price objective on EnLink Midstream and gave the stock a hold rating in a research note on Tuesday, June 12th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $17.64.
Shares of ENLC stock opened at $17.35 on Friday. EnLink Midstream has a twelve month low of $13.80 and a twelve month high of $20.00. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of -348.00 and a beta of 2.59. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.68 and a quick ratio of 0.68.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Shareholders of record on Monday, July 30th were paid a $0.267 dividend. The ex-dividend date of this dividend was Friday, July 27th. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.26. This represents a $1.07 dividend on an annualized basis and a yield of 6.16%. EnLink Midstream’s dividend payout ratio (DPR) is -2,140.00%.
In other EnLink Midstream news, EVP Alaina K. Brooks sold 48,442 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $17.36, for a total value of $840,953.12. Following the completion of the sale, the executive vice president now directly owns 78,190 shares in the company, valued at $1,357,378.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.24% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. acquired a new position in shares of EnLink Midstream in the second quarter valued at about $102,000. Russell Investments Group Ltd. increased its holdings in shares of EnLink Midstream by 110.1% in the first quarter. Russell Investments Group Ltd. now owns 7,934 shares of the pipeline company’s stock valued at $116,000 after purchasing an additional 4,157 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of EnLink Midstream by 365.0% in the first quarter. Cubist Systematic Strategies LLC now owns 8,161 shares of the pipeline company’s stock valued at $120,000 after purchasing an additional 6,406 shares during the period. Linscomb & Williams Inc. acquired a new position in shares of EnLink Midstream in the second quarter valued at about $171,000. Finally, Koch Industries Inc. acquired a new position in shares of EnLink Midstream in the first quarter valued at about $184,000. Institutional investors own 33.98% of the company’s stock.
EnLink Midstream Company Profile
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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