EnLink Midstream (NYSE:ENLC) Shares Down 6%

Shares of EnLink Midstream LLC (NYSE:ENLC) fell 6% during trading on Friday . The stock traded as low as $7.40 and last traded at $7.40, 2,256,011 shares traded hands during mid-day trading. A decline of 17% from the average session volume of 2,732,614 shares. The stock had previously closed at $7.87.

Several research firms have commented on ENLC. Jefferies Financial Group raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and decreased their target price for the stock from $13.00 to $12.00 in a research report on Monday, July 15th. Royal Bank of Canada reissued a “buy” rating and issued a $12.00 target price on shares of EnLink Midstream in a research report on Sunday, August 11th. Credit Suisse Group downgraded shares of EnLink Midstream from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $13.50 to $8.00 in a research report on Monday. Mizuho began coverage on shares of EnLink Midstream in a research report on Thursday, July 25th. They issued a “neutral” rating and a $11.50 target price for the company. Finally, ValuEngine raised shares of EnLink Midstream from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Eight equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $11.61.

The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The company’s fifty day moving average is $9.18 and its 200-day moving average is $10.74. The firm has a market capitalization of $3.73 billion, a P/E ratio of -105.71, a P/E/G ratio of 6.79 and a beta of 2.00.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.85 billion. EnLink Midstream had a negative return on equity of 0.16% and a negative net margin of 3.21%. EnLink Midstream’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. On average, equities research analysts anticipate that EnLink Midstream LLC will post 0.3 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 13th. Investors of record on Monday, July 29th were issued a dividend of $0.283 per share. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.28. This represents a $1.13 annualized dividend and a dividend yield of 15.30%. The ex-dividend date of this dividend was Friday, July 26th. EnLink Midstream’s dividend payout ratio is currently -1,614.29%.

In related news, Director Kyle D. Vann bought 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average cost of $7.44 per share, for a total transaction of $148,800.00. Following the purchase, the director now directly owns 99,907 shares in the company, valued at $743,308.08. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Barry E. Davis bought 136,700 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average price of $7.32 per share, with a total value of $1,000,644.00. Following the completion of the purchase, the chairman now owns 1,892,372 shares in the company, valued at $13,852,163.04. The disclosure for this purchase can be found here. 1.45% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Avestar Capital LLC acquired a new position in EnLink Midstream during the 1st quarter valued at $28,000. Arlington Partners LLC acquired a new position in shares of EnLink Midstream in the 2nd quarter valued at $30,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of EnLink Midstream in the 1st quarter valued at $31,000. Valeo Financial Advisors LLC acquired a new position in shares of EnLink Midstream in the 2nd quarter valued at $35,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of EnLink Midstream in the 1st quarter valued at $44,000. Hedge funds and other institutional investors own 49.45% of the company’s stock.

EnLink Midstream Company Profile (NYSE:ENLC)

EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company 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.

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