Royal Bank of Canada Reaffirms Sector Perform Rating for EnLink Midstream (NYSE:ENLC)

Royal Bank of Canada restated their sector perform rating on shares of EnLink Midstream (NYSE:ENLC) in a research note issued to investors on Thursday morning,Benzinga reports. Royal Bank of Canada currently has a $15.00 price objective on the pipeline company’s stock.

A number of other equities analysts have also recently weighed in on the company. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Raymond James lowered shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a report on Friday, November 8th. Tudor, Pickering, Holt & Co. upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Friday, August 16th. Stifel Nicolaus lowered EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a research report on Friday, August 30th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $15.00 target price on shares of EnLink Midstream in a research report on Thursday, October 31st. Nine analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.40.

EnLink Midstream Stock Performance

NYSE:ENLC opened at $15.75 on Thursday. EnLink Midstream has a fifty-two week low of $11.53 and a fifty-two week high of $15.85. The firm’s 50 day moving average is $14.89 and its two-hundred day moving average is $13.95. The company has a market cap of $7.20 billion, a P/E ratio of 75.00 and a beta of 2.41. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 2.30.

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

EnLink Midstream Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a dividend of $0.1325 per share. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date was Friday, November 1st. EnLink Midstream’s payout ratio is 252.38%.

Insider Buying and Selling

In related news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On EnLink Midstream

A number of institutional investors have recently added to or reduced their stakes in ENLC. Zimmer Partners LP acquired a new position in shares of EnLink Midstream in the third quarter worth about $363,000. Brookfield Corp ON raised its stake in EnLink Midstream by 97.1% during 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 period. EP Wealth Advisors LLC acquired a new stake in shares of EnLink Midstream in the third quarter worth $174,000. Wellington Management Group LLP grew its holdings in shares of EnLink Midstream by 268.0% during the 3rd quarter. Wellington Management Group LLP now owns 402,099 shares of the pipeline company’s stock valued at $5,834,000 after acquiring an additional 292,833 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of EnLink Midstream by 57.4% during the 3rd quarter. Two Sigma Advisers LP now owns 1,181,021 shares of the pipeline company’s stock valued at $17,137,000 after buying an additional 430,600 shares during the last quarter. 45.87% of the stock is currently owned by institutional investors and hedge funds.

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.