EnLink Midstream (NYSE:ENLC) Downgraded by Morgan Stanley

Morgan Stanley cut shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to an equal weight rating in a report issued on Monday, MarketBeat.com reports. Morgan Stanley currently has $16.00 price target on the pipeline company’s stock.

Several other research firms also recently commented on ENLC. Tudor Pickering upgraded shares of EnLink Midstream to a strong-buy rating in a research report on Friday, August 16th. StockNews.com upgraded shares of EnLink Midstream from a hold rating to a buy rating in a research report on Tuesday, September 10th. Wells Fargo & Company downgraded shares of EnLink Midstream from an overweight rating to an equal weight rating and dropped their price target for the stock from $16.00 to $15.00 in a research report on Friday, August 30th. Capital One Financial restated 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, Stifel Nicolaus downgraded 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 report on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, EnLink Midstream presently has an average rating of Moderate Buy and a consensus price target of $15.33.

EnLink Midstream Trading Down 1.5 %

ENLC opened at $14.45 on Monday. The company’s 50 day moving average is $13.63 and its 200-day moving average is $13.42. EnLink Midstream has a 1-year low of $11.44 and a 1-year high of $14.80. 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 company has a market cap of $6.67 billion, a P/E ratio of 41.27 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last posted its earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the prior year, the business earned $0.12 earnings per share. The firm’s quarterly revenue was up 1.4% on a year-over-year basis. Equities research analysts predict that EnLink Midstream will post 0.59 earnings per share for the current fiscal year.

EnLink Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were paid a $0.1325 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.53 annualized dividend and a dividend yield of 3.67%. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s payout ratio is currently 151.43%.

Institutional Trading of EnLink Midstream

Hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Partners LLC bought a new stake in EnLink Midstream during the 2nd quarter valued at $28,000. Newbridge Financial Services Group Inc. bought a new stake in EnLink Midstream during the 2nd quarter valued at $56,000. Sunbelt Securities Inc. increased its stake in EnLink Midstream by 24.2% during the 1st quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock valued at $94,000 after purchasing an additional 1,343 shares in the last quarter. SG Americas Securities LLC bought a new stake in EnLink Midstream during the 1st quarter valued at $105,000. Finally, First Horizon Advisors Inc. increased its stake in EnLink Midstream by 12.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after purchasing an additional 853 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

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.