Short Interest in EnLink Midstream, LLC (NYSE:ENLC) Rises By 40.9%

EnLink Midstream, LLC (NYSE:ENLC) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 11,570,000 shares, a growth of 40.9% from the October 15th total of 8,210,000 shares. Based on an average daily volume of 2,200,000 shares, the short-interest ratio is currently 5.3 days. Approximately 4.5% of the shares of the company are short sold.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Tudor, Pickering, Holt & Co. raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Friday, August 16th. Morgan Stanley cut shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price objective on the stock. in a research report on Monday, September 16th. Mizuho reiterated a “neutral” rating and issued a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, October 31st. Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.40.

EnLink Midstream Trading Up 1.0 %

Shares of ENLC stock traded up $0.16 during mid-day trading on Friday, reaching $15.49. The stock had a trading volume of 1,766,869 shares, compared to its average volume of 1,826,942. The firm has a market capitalization of $7.08 billion, a PE ratio of 73.79 and a beta of 2.41. The stock’s 50-day moving average price is $14.77 and its two-hundred day moving average price is $13.85. The company has a current ratio of 0.42, a quick ratio of 0.65 and a debt-to-equity ratio of 2.30. EnLink Midstream has a 52-week low of $11.53 and a 52-week high of $15.67.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.16). The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. Equities analysts expect that EnLink Midstream will post 0.55 earnings per share for the current fiscal year.

EnLink Midstream Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were given a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.42%. The ex-dividend date of this dividend was Friday, November 1st. EnLink Midstream’s dividend payout ratio is currently 252.38%.

Insider Transactions at EnLink Midstream

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $14.90, for a total value of $2,985,077,219.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of EnLink Midstream

A number of hedge funds and other institutional investors have recently modified their holdings of the business. ORG Partners LLC purchased a new stake in shares of EnLink Midstream in the second quarter worth $28,000. Newbridge Financial Services Group Inc. purchased a new stake in EnLink Midstream during the 2nd quarter valued at about $56,000. Icon Wealth Advisors LLC bought a new stake in EnLink Midstream during the 3rd quarter valued at about $107,000. SG Americas Securities LLC purchased a new position in EnLink Midstream in the first quarter worth about $105,000. Finally, First Horizon Advisors Inc. lifted its stake in shares of EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock worth $106,000 after buying an additional 853 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.