EnLink Midstream (NYSE:ENLC) Sees Large Volume Increase – Here’s What Happened

Shares of EnLink Midstream, LLC (NYSE:ENLC) saw an uptick in trading volume on Monday . 4,148,038 shares changed hands during 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.

Analyst Ratings Changes

ENLC has been the subject of several analyst reports. Capital One Financial reissued an “equal weight” rating and issued a $16.00 price objective on shares of EnLink Midstream in a research note on Tuesday, September 3rd. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Friday, August 16th. StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a research note on Thursday. Finally, Mizuho restated a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a report on Thursday, October 31st. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, EnLink Midstream presently has an average rating of “Hold” and a consensus target price of $15.40.

EnLink Midstream Stock 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 has a market cap of $7.14 billion, a PE ratio of 75.00 and a beta of 2.41. The firm has a fifty day moving average price of $14.89 and a 200 day moving average price of $13.95.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings results 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). The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.98 billion. EnLink Midstream had a return on equity of 9.51% and a net margin of 1.96%. EnLink Midstream’s revenue was down 7.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. Research analysts forecast that EnLink Midstream, LLC will post 0.55 earnings per share for the current fiscal year.

EnLink Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were paid a dividend of $0.1325 per share. The ex-dividend date was Friday, November 1st. This represents a $0.53 annualized dividend and a dividend yield of 3.39%. EnLink Midstream’s payout ratio is currently 252.38%.

Insider Buying and Selling

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

Institutional Investors Weigh In On EnLink Midstream

Hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its holdings in shares of EnLink Midstream by 9.7% during the 3rd quarter. Tidal Investments LLC now owns 18,315 shares of the pipeline company’s stock valued at $266,000 after purchasing an additional 1,623 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in EnLink Midstream during the third quarter valued at $98,000. Sanctuary Advisors LLC increased its holdings in EnLink Midstream by 8.5% in the third quarter. Sanctuary Advisors LLC now owns 30,031 shares of the pipeline company’s stock valued at $473,000 after buying an additional 2,362 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of EnLink Midstream in the third quarter worth about $363,000. Finally, Brookfield Corp ON boosted its stake in shares of EnLink Midstream by 97.1% during the 3rd quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock worth $52,285,000 after acquiring an additional 1,775,203 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.