EnLink Midstream (NYSE:ENLC) Sees Strong Trading Volume – Should You Buy?

EnLink Midstream, LLC (NYSE:ENLC) saw unusually-strong trading volume on Monday . Approximately 4,148,038 shares were traded during mid-day trading, an increase of 104% from the previous session’s volume of 2,029,428 shares.The stock last traded at $15.86 and had previously closed at $15.75.

Analysts Set New Price Targets

Several brokerages recently commented on ENLC. Morgan Stanley lowered shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target for the company. in a report on Monday, September 16th. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target for the company 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 target on the stock. in a research note on Friday, August 30th. Royal Bank of Canada reiterated a “sector perform” rating and set a $15.00 price objective on shares of EnLink Midstream in a research note on Thursday. Finally, Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, EnLink Midstream presently has an average rating of “Hold” and an average price target of $15.40.

EnLink Midstream Price Performance

The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.42 and a current ratio of 0.42. The stock’s 50-day moving average is $14.89 and its two-hundred day moving average is $13.95. The stock has a market cap of $7.14 billion, a PE ratio of 75.00 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same period in the previous year, the firm posted $0.10 earnings per share. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. On average, equities analysts predict that EnLink Midstream, LLC will post 0.55 earnings per share for the current year.

EnLink Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were issued a dividend of $0.1325 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a yield of 3.39%. EnLink Midstream’s dividend payout ratio (DPR) is presently 252.38%.

Insider Buying and Selling at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On EnLink Midstream

Large investors have recently modified their holdings of the company. Merewether Investment Management LP acquired a new position in EnLink Midstream in the third quarter valued at approximately $64,477,000. HITE Hedge Asset Management LLC lifted its position in shares of EnLink Midstream by 2,629.4% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock worth $27,560,000 after buying an additional 1,929,551 shares during the last quarter. Brookfield Corp ON boosted its holdings in shares of EnLink Midstream by 97.1% in the 3rd quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock valued at $52,285,000 after buying an additional 1,775,203 shares in the last quarter. Catalyst Capital Advisors LLC grew its position in shares of EnLink Midstream by 120.1% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 2,091,554 shares of the pipeline company’s stock valued at $30,348,000 after buying an additional 1,141,254 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in EnLink Midstream by 32.4% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,324,324 shares of the pipeline company’s stock worth $48,236,000 after acquiring an additional 812,767 shares in the last quarter. 45.87% of the stock is owned by hedge funds and other institutional investors.

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.