EnLink Midstream, LLC (NYSE:ENLC) Sees Large Drop in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 8,210,000 shares, a decrease of 9.6% from the September 30th total of 9,080,000 shares. Approximately 3.2% of the company’s shares are short sold. Based on an average trading volume of 2,310,000 shares, the days-to-cover ratio is presently 3.6 days.

EnLink Midstream Trading Up 0.4 %

Shares of ENLC stock traded up $0.06 on Wednesday, reaching $14.90. 2,245,301 shares of the company’s stock were exchanged, compared to its average volume of 2,016,592. The company’s fifty day simple moving average is $14.41 and its 200 day simple moving average is $13.71. EnLink Midstream has a 52 week low of $11.53 and a 52 week high of $14.94. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $6.88 billion, a PE ratio of 49.23 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last released 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 business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. EnLink Midstream’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 earnings per share. As a group, analysts forecast that EnLink Midstream will post 0.58 EPS for the current year.

EnLink Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a $0.1325 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.56%. EnLink Midstream’s dividend payout ratio (DPR) is presently 176.67%.

Insider Buying and Selling at EnLink Midstream

In other EnLink Midstream news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On EnLink Midstream

Several hedge funds have recently bought and sold shares of the stock. First Horizon Advisors Inc. boosted its holdings in shares of EnLink Midstream by 12.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after purchasing an additional 853 shares during the last quarter. First Dallas Securities Inc. raised its position in EnLink Midstream by 0.6% in the second quarter. First Dallas Securities Inc. now owns 158,598 shares of the pipeline company’s stock valued at $2,182,000 after purchasing an additional 960 shares during the period. Callahan Advisors LLC grew its holdings in shares of EnLink Midstream by 8.7% during the 2nd quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock worth $172,000 after purchasing an additional 1,000 shares during the period. Bank of New York Mellon Corp raised its holdings in EnLink Midstream by 9.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after buying an additional 1,151 shares during the period. Finally, Sunbelt Securities Inc. lifted its position in EnLink Midstream by 21.9% in the second quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after buying an additional 1,511 shares during the last quarter. Hedge funds and other institutional investors own 45.87% of the company’s stock.

Analyst Upgrades and Downgrades

ENLC has been the subject of several research analyst reports. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. 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 research report on Friday, August 16th. Stifel Nicolaus lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a research note on Friday, August 30th. Capital One Financial reaffirmed an “equal weight” rating and issued a $16.00 price target on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Seven research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.44.

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.