EnLink Midstream (NYSE:ENLC) Shares Gap Up to $2.34

EnLink Midstream LLC (NYSE:ENLC) gapped up prior to trading on Thursday . The stock had previously closed at $2.27, but opened at $2.34. EnLink Midstream shares last traded at $2.34, with a volume of 2,874,700 shares traded.

A number of equities research analysts have recently issued reports on the company. Credit Suisse Group lowered EnLink Midstream from a “neutral” rating to an “underperform” rating in a research report on Thursday, April 2nd. Zacks Investment Research lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating in a research note on Wednesday, June 24th. Robert W. Baird downgraded shares of EnLink Midstream from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $7.00 to $4.00 in a research report on Monday, March 9th. ValuEngine upgraded shares of EnLink Midstream from a “sell” rating to a “hold” rating in a research report on Thursday, May 21st. Finally, Mizuho lowered their price objective on shares of EnLink Midstream from $7.00 to $2.50 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. EnLink Midstream presently has a consensus rating of “Hold” and an average target price of $6.80.

The company has a debt-to-equity ratio of 1.43, a current ratio of 1.39 and a quick ratio of 1.39. The business has a 50 day simple moving average of $2.57 and a 200 day simple moving average of $3.30. The stock has a market cap of $1.21 billion, a PE ratio of 10.74 and a beta of 3.60.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.09. EnLink Midstream had a positive return on equity of 2.59% and a negative net margin of 22.65%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.67 billion. As a group, sell-side analysts forecast that EnLink Midstream LLC will post 0.13 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Parametrica Management Ltd acquired a new stake in shares of EnLink Midstream in the 1st quarter valued at $27,000. Quantbot Technologies LP bought a new position in EnLink Midstream during the fourth quarter valued at about $29,000. Advisory Alpha LLC bought a new position in EnLink Midstream during the fourth quarter valued at about $63,000. Arizona State Retirement System bought a new stake in shares of EnLink Midstream during the 1st quarter worth about $69,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of EnLink Midstream by 318.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 66,918 shares of the pipeline company’s stock valued at $74,000 after acquiring an additional 50,942 shares during the last quarter. Institutional investors and hedge funds own 39.85% of the company’s stock.

About EnLink Midstream (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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