EnLink Midstream (ENLC) Rating Lowered to Hold at Zacks Investment Research

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Zacks Investment Research lowered shares of EnLink Midstream (NYSE:ENLC) from a buy rating to a hold rating in a research report released on Wednesday morning.

According to Zacks, “Enlink Midstream LLC is independent midstream energy. The Company is involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. Enlink Midstream LLC, formerly known as Crosstex Energy Inc., is based in headquartered in Dallas, Texas. “

A number of other research firms have also recently weighed in on ENLC. ValuEngine raised shares of EnLink Midstream from a sell rating to a hold rating in a report on Tuesday, October 2nd. Raymond James reaffirmed a buy rating and issued a $19.00 price objective on shares of EnLink Midstream in a report on Friday, August 17th. Robert W. Baird reissued a hold rating and set a $18.00 target price on shares of EnLink Midstream in a research note on Monday, August 6th. Finally, Barclays set a $15.00 target price on shares of EnLink Midstream and gave the company a hold rating in a research note on Tuesday, June 12th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $17.86.

Shares of ENLC stock traded down $0.24 during trading hours on Wednesday, reaching $16.00. The stock had a trading volume of 496,346 shares, compared to its average volume of 495,534. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.66. EnLink Midstream has a twelve month low of $13.80 and a twelve month high of $20.00. The stock has a market cap of $2.98 billion, a PE ratio of -320.00 and a beta of 2.62.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings data on Tuesday, July 31st. The pipeline company reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.05). EnLink Midstream had a return on equity of 0.86% and a net margin of 3.73%. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period last year, the business earned $0.15 EPS. The firm’s revenue was up 39.7% on a year-over-year basis. Equities analysts forecast that EnLink Midstream will post 0.45 EPS for the current fiscal year.

In other EnLink Midstream news, EVP Alaina K. Brooks sold 48,442 shares of the firm’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 transaction, the executive vice president now owns 78,190 shares of the company’s stock, valued at approximately $1,357,378.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.24% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Verition Fund Management LLC acquired a new position in shares of EnLink Midstream in the 2nd quarter worth approximately $218,000. California Public Employees Retirement System grew its stake in shares of EnLink Midstream by 10.4% in the 2nd quarter. California Public Employees Retirement System now owns 76,963 shares of the pipeline company’s stock worth $1,266,000 after purchasing an additional 7,263 shares during the last quarter. Millennium Management LLC grew its stake in shares of EnLink Midstream by 33.6% in the 2nd quarter. Millennium Management LLC now owns 1,464,440 shares of the pipeline company’s stock worth $24,090,000 after purchasing an additional 368,066 shares during the last quarter. Paloma Partners Management Co grew its stake in shares of EnLink Midstream by 45.4% in the 2nd quarter. Paloma Partners Management Co now owns 23,484 shares of the pipeline company’s stock worth $386,000 after purchasing an additional 7,331 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new position in shares of EnLink Midstream in the 2nd quarter worth approximately $102,000. 32.40% of the stock is currently owned by institutional investors.

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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