Short Interest in EnLink Midstream, LLC (NYSE:ENLC) Drops By 6.4%

EnLink Midstream, LLC (NYSE:ENLC) was the recipient of a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 8,500,000 shares, a decline of 6.4% from the December 15th total of 9,080,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the days-to-cover ratio is currently 3.5 days. Approximately 3.4% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ENLC. Mizuho reissued a “neutral” rating and issued a $15.00 price target on shares of EnLink Midstream in a research report on Thursday, October 31st. StockNews.com started coverage on EnLink Midstream in a report on Wednesday. They issued a “hold” rating for the company. UBS Group lowered EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price target on the stock. in a research note on Monday, September 30th. Raymond James lowered EnLink Midstream from an “outperform” rating to a “market perform” rating in a research note on Friday, November 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, November 21st. Eleven investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $15.40.

Institutional Investors Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently made changes to their positions in ENLC. Merewether Investment Management LP acquired a new position in shares of EnLink Midstream during the third quarter valued at $64,477,000. HITE Hedge Asset Management LLC lifted its position in 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 valued at $27,560,000 after purchasing an additional 1,929,551 shares during the period. Brookfield Corp ON boosted its stake 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 purchasing an additional 1,775,203 shares during the last quarter. Catalyst Capital Advisors LLC boosted its stake 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 purchasing an additional 1,141,254 shares during the last quarter. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of EnLink Midstream by 32.4% during the third 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 buying an additional 812,767 shares during the last quarter. 45.87% of the stock is owned by institutional investors and hedge funds.

EnLink Midstream Price Performance

NYSE:ENLC traded up $0.07 during mid-day trading on Friday, reaching $15.37. 2,791,566 shares of the company were exchanged, compared to its average volume of 1,802,574. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.30. The stock has a market cap of $7.02 billion, a PE ratio of 73.17 and a beta of 2.43. EnLink Midstream has a 12 month low of $11.53 and a 12 month high of $16.40. The company has a fifty day moving average of $14.91 and a 200 day moving average of $14.38.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings results on Wednesday, November 6th. The pipeline company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.16). The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.98 billion. EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. EnLink Midstream’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. On average, research analysts anticipate that EnLink Midstream will post 0.46 EPS for the current fiscal year.

EnLink Midstream Company Profile

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.