EnLink Midstream (NYSE:ENLC) Price Target Raised to $16.00

EnLink Midstream (NYSE:ENLC) had its price target hoisted by Morgan Stanley from $15.00 to $16.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the pipeline company’s stock.

Several other analysts have also recently commented on ENLC. JPMorgan Chase & Co. raised their target price on EnLink Midstream from $14.00 to $15.00 and gave the stock a neutral rating in a research report on Wednesday, July 10th. StockNews.com raised EnLink Midstream from a hold rating to a buy rating in a research note on Tuesday, August 13th. Tudor, Pickering, Holt & Co. raised shares of EnLink Midstream from a hold rating to a buy rating and set a $15.00 price target for the company in a research report on Friday, August 16th. Tudor Pickering upgraded shares of EnLink Midstream to a strong-buy rating in a report on Friday, August 16th. Finally, Wells Fargo & Company upgraded shares of EnLink Midstream from an equal weight rating to an overweight rating and upped their price objective for the company from $13.00 to $17.00 in a research note on Monday, July 8th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $15.33.

EnLink Midstream Trading Up 9.4 %

Shares of ENLC opened at $14.40 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. EnLink Midstream has a 1-year low of $11.44 and a 1-year high of $14.80. The stock has a market capitalization of $6.50 billion, a P/E ratio of 41.13 and a beta of 2.43. The business’s 50-day moving average price is $13.43 and its 200 day moving average price is $13.20.

EnLink Midstream (NYSE:ENLC) last released its earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.06). The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.90 billion. EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business’s revenue was up 1.4% on a year-over-year basis. During the same period last year, the business earned $0.12 earnings per share. Analysts expect that EnLink Midstream will post 0.65 earnings per share for the current year.

EnLink Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.1325 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Friday, August 2nd. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s dividend payout ratio is 151.43%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Kayne Anderson Capital Advisors LP grew its holdings in EnLink Midstream by 6.4% during the fourth quarter. Kayne Anderson Capital Advisors LP now owns 1,860,400 shares of the pipeline company’s stock valued at $22,622,000 after purchasing an additional 111,300 shares during the last quarter. Clearbridge Investments LLC bought a new position in EnLink Midstream in the 1st quarter worth $873,000. Hennessy Advisors Inc. lifted its position in EnLink Midstream by 13.3% during the 1st quarter. Hennessy Advisors Inc. now owns 2,116,600 shares of the pipeline company’s stock worth $28,870,000 after acquiring an additional 248,100 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in EnLink Midstream by 240.5% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,500 shares of the pipeline company’s stock valued at $4,530,000 after acquiring an additional 263,100 shares during the period. Finally, Miller Howard Investments Inc. NY increased its stake in shares of EnLink Midstream by 3.3% in the first quarter. Miller Howard Investments Inc. NY now owns 2,160,476 shares of the pipeline company’s stock worth $29,469,000 after purchasing an additional 68,877 shares during the period. 45.87% of the stock is owned by 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.