EnLink Midstream, LLC (NYSE:ENLC) posted its quarterly earnings data on Tuesday. The pipeline company reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.11), Briefing.com reports. The company had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.36 billion. EnLink Midstream had a net margin of 0.02% and a return on equity of 0.05%. The business’s quarterly revenue was up 26.6% on a year-over-year basis.
Shares of EnLink Midstream (NYSE ENLC) traded up 3.55% during trading on Wednesday, reaching $16.05. 213,156 shares of the company were exchanged. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 4012.50 and a beta of 2.59. EnLink Midstream has a 1-year low of $14.70 and a 1-year high of $20.45. The stock’s 50 day moving average is $16.88 and its 200 day moving average is $17.27.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Wednesday, November 1st will be given a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 6.58%. The ex-dividend date is Tuesday, October 31st.
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A hedge fund recently raised its stake in EnLink Midstream stock. The Manufacturers Life Insurance Company boosted its holdings in shares of EnLink Midstream, LLC (NYSE:ENLC) by 11.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,684 shares of the pipeline company’s stock after purchasing an additional 599 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in EnLink Midstream were worth $100,000 as of its most recent SEC filing. 34.48% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on ENLC shares. Zacks Investment Research cut shares of EnLink Midstream from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 4th. BidaskClub upgraded shares of EnLink Midstream from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Jefferies Group LLC upgraded shares of EnLink Midstream from an “underperform” rating to a “hold” rating and lowered their price objective for the company from $16.00 to $15.00 in a research report on Wednesday, July 12th. Barclays PLC restated a “hold” rating and set a $19.00 price objective on shares of EnLink Midstream in a research report on Friday, July 21st. Finally, Royal Bank Of Canada restated a “hold” rating and set a $21.00 price objective on shares of EnLink Midstream in a research report on Monday, July 31st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $18.83.
About EnLink Midstream
EnLink Midstream, LLC is an integrated midstream company. The Company’s assets consist of equity interests in EnLink Midstream Partners, LP (the Partnership) and EnLink Oklahoma Gas Processing, LP (EnLink Oklahoma T.O.). 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.
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