EnLink Midstream, LLC (NYSE:ENLC) declared a quarterly dividend on Tuesday, July 20th, investing.com reports. Shareholders of record on Friday, July 30th will be given a dividend of 0.0938 per share by the pipeline company on Friday, August 13th. This represents a $0.38 annualized dividend and a yield of 6.84%. The ex-dividend date is Thursday, July 29th.
EnLink Midstream has decreased its dividend payment by 54.0% over the last three years and has raised its dividend annually for the last 1 consecutive years. EnLink Midstream has a payout ratio of -1,900.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect EnLink Midstream to earn $0.09 per share next year, which means the company may not be able to cover its $0.38 annual dividend with an expected future payout ratio of 422.2%.
Shares of ENLC opened at $5.48 on Wednesday. The business’s fifty day simple moving average is $5.72. EnLink Midstream has a 12 month low of $2.13 and a 12 month high of $6.74. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -18.27 and a beta of 3.54. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 1.31.
A number of research analysts recently issued reports on ENLC shares. Raymond James upgraded shares of EnLink Midstream from a “market perform” rating to an “outperform” rating and raised their target price for the company from $6.25 to $7.50 in a research note on Monday, June 14th. UBS Group raised shares of EnLink Midstream from a “neutral” rating to a “buy” rating and increased their price target for the company from $4.50 to $6.00 in a report on Wednesday, April 28th. Wells Fargo & Company increased their price target on shares of EnLink Midstream from $4.00 to $5.00 and gave the company an “equal weight” rating in a report on Thursday, May 13th. TheStreet raised shares of EnLink Midstream from a “d+” rating to a “c-” rating in a report on Wednesday, May 12th. Finally, Morgan Stanley raised their price objective on shares of EnLink Midstream from $4.00 to $5.00 and gave the stock an “underweight” rating in a report on Monday, June 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. EnLink Midstream has a consensus rating of “Hold” and an average target price of $4.91.
In other EnLink Midstream news, major shareholder Goldman Sachs Group Inc purchased 5,562 shares of the stock in a transaction dated Monday, May 17th. The stock was bought at an average price of $11.54 per share, for a total transaction of $64,185.48. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last quarter, insiders have bought 37,310 shares of company stock valued at $183,951. 0.84% of the stock is owned by corporate insiders.
EnLink Midstream Company Profile
EnLink Midstream, LLC provides midstream energy services in the United States. It operates through Permian, North Texas, Oklahoma, Louisiana, and Corporate 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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