EnLink Midstream (NYSE:ENLC) Downgraded by Morgan Stanley

by · The Markets Daily

Morgan Stanley lowered shares of EnLink Midstream (NYSE:ENLC – Free Report) from an overweight rating to an equal weight rating in a research report released on Monday morning, Marketbeat.com reports. They currently have $16.00 target price on the pipeline company’s stock.

ENLC has been the topic of a number of other reports. Wells Fargo & Company downgraded shares of EnLink Midstream from an overweight rating to an equal weight rating and cut their price target for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Capital One Financial reaffirmed an equal weight rating and set a $16.00 price objective on shares of EnLink Midstream in a report on Tuesday, September 3rd. Tudor, Pickering, Holt & Co. raised shares of EnLink Midstream from a hold rating to a buy rating and set a $15.00 price objective on the stock in a report on Friday, August 16th. Tudor Pickering raised shares of EnLink Midstream to a strong-buy rating in a report on Friday, August 16th. Finally, 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. Six research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, EnLink Midstream currently has a consensus rating of Moderate Buy and an average target price of $15.33.

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EnLink Midstream Price Performance

ENLC opened at $14.45 on Monday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of 41.27 and a beta of 2.40. The firm’s fifty day moving average price is $13.63 and its two-hundred day moving average price is $13.42. EnLink Midstream has a 1 year low of $11.44 and a 1 year high of $14.80.

EnLink Midstream (NYSE:ENLC – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.90 billion. EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. EnLink Midstream’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. As a group, analysts anticipate that EnLink Midstream will post 0.59 earnings per share for the current fiscal year.

EnLink Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were given a $0.1325 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.67%. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, August 2nd. EnLink Midstream’s dividend payout ratio is 151.43%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its position in EnLink Midstream by 1.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock valued at $194,126,000 after acquiring an additional 186,801 shares during the last quarter. Chickasaw Capital Management LLC grew its position in EnLink Midstream by 5.5% during the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock valued at $200,924,000 after acquiring an additional 759,994 shares during the last quarter. Dimensional Fund Advisors LP grew its position in EnLink Midstream by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company’s stock valued at $93,884,000 after acquiring an additional 133,327 shares during the last quarter. Hennessy Advisors Inc. grew its position in EnLink Midstream by 17.0% during the second quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after acquiring an additional 360,400 shares during the last quarter. Finally, Westwood Holdings Group Inc. grew its position in EnLink Midstream by 4.7% during the second quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock valued at $32,363,000 after acquiring an additional 106,467 shares during the last quarter. 45.87% of the stock is currently owned by institutional investors.

About EnLink Midstream

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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.

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