UBS Group Lowers EnLink Midstream (NYSE:ENLC) to Neutral

EnLink Midstream (NYSE:ENLC) was downgraded by stock analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued on Monday, MarketBeat reports. They currently have a $16.00 price target on the pipeline company’s stock. UBS Group’s target price would indicate a potential upside of 9.14% from the stock’s previous close.

ENLC has been the topic of several other reports. Wells Fargo & Company downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Stifel Nicolaus cut EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective for the company. in a research note on Friday, August 30th. JPMorgan Chase & Co. lifted their target price on EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, July 10th. Capital One Financial reissued an “equal weight” rating and set a $16.00 price target on shares of EnLink Midstream in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a research report on Thursday, August 29th. Seven research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.44.

EnLink Midstream Price Performance

ENLC stock opened at $14.66 on Monday. The company has a fifty day simple moving average of $13.73 and a two-hundred day simple moving average of $13.54. EnLink Midstream has a 52 week low of $11.44 and a 52 week high of $14.80. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $6.62 billion, a P/E ratio of 41.89 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last issued 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 company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. Analysts anticipate that EnLink Midstream will post 0.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Wells Fargo & Company MN boosted its holdings in EnLink Midstream by 56.6% during the fourth quarter. Wells Fargo & Company MN now owns 1,034,809 shares of the pipeline company’s stock worth $12,583,000 after buying an additional 373,969 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of EnLink Midstream by 1.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock worth $194,126,000 after acquiring an additional 186,801 shares in the last quarter. Tortoise Index Solutions LLC grew its position in shares of EnLink Midstream by 4.0% during the 4th quarter. Tortoise Index Solutions LLC now owns 468,729 shares of the pipeline company’s stock valued at $5,700,000 after acquiring an additional 18,046 shares during the period. Hennessy Advisors Inc. increased its stake in shares of EnLink Midstream by 1,614.2% in the 4th quarter. Hennessy Advisors Inc. now owns 1,868,500 shares of the pipeline company’s stock valued at $22,721,000 after purchasing an additional 1,759,500 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its holdings in EnLink Midstream by 240.5% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,500 shares of the pipeline company’s stock worth $4,530,000 after purchasing an additional 263,100 shares during the period. 45.87% of the stock is currently 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.