EnLink Midstream LLC (NYSE:ENLC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “Enlink Midstream LLC is independent midstream energy. The Company is involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. Enlink Midstream LLC, formerly known as Crosstex Energy Inc., is based in headquartered in Dallas, Texas. “
Several other research firms have also weighed in on ENLC. Jefferies Group restated a “hold” rating and set a $16.00 price target on shares of EnLink Midstream in a research report on Sunday, October 16th. Goldman Sachs Group Inc. downgraded EnLink Midstream from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $15.00 to $14.00 in a report on Monday, September 19th. Royal Bank Of Canada boosted their target price on EnLink Midstream from $14.00 to $19.00 and gave the stock a “sector perform” rating in a report on Friday, September 2nd. Credit Suisse Group AG downgraded EnLink Midstream from a “neutral” rating to an “underperform” rating and set a $17.00 target price on the stock. in a report on Tuesday, September 13th. Finally, RBC Capital Markets reissued a “sector perform” rating and issued a $19.00 target price (up from $14.00) on shares of EnLink Midstream in a report on Sunday, September 4th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.00.
EnLink Midstream (NYSE:ENLC) traded up 0.84% on Friday, hitting $18.05. The stock had a trading volume of 287,662 shares. The firm has a 50-day moving average of $16.35 and a 200 day moving average of $16.01. EnLink Midstream has a 52 week low of $6.41 and a 52 week high of $18.75. The company’s market capitalization is $3.25 billion.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Monday, October 31st were given a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date was Thursday, October 27th. EnLink Midstream’s dividend payout ratio (DPR) is presently -27.35%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank raised its stake in EnLink Midstream by 22.5% in the second quarter. Swiss National Bank now owns 93,223 shares of the company’s stock valued at $1,483,000 after buying an additional 17,100 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in EnLink Midstream during the second quarter valued at about $812,000. Gargoyle Investment Advisor L.L.C. bought a new stake in EnLink Midstream during the second quarter valued at about $598,000. Glenmede Trust Co. NA bought a new stake in EnLink Midstream during the second quarter valued at about $690,000. Finally, Alps Advisors Inc. bought a new stake in EnLink Midstream during the second quarter valued at about $964,000. 27.22% of the stock is owned by institutional investors and hedge funds.
About EnLink Midstream
EnLink Midstream, LLC is a midstream energy services company. The Company’s assets include its equity interests in EnLink Midstream Partners, LP (the Partnership) and EnLink TOM Holdings, LP (TOM Holdings). The Partnership is engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NGLs), condensate and crude oil, as well as providing crude oil, condensate and brine services to producers.