EnLink Midstream, LLC (NYSE:ENLC) Sees Large Drop in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 8,210,000 shares, a drop of 9.6% from the September 30th total of 9,080,000 shares. Approximately 3.2% of the shares of the company are short sold. Based on an average trading volume of 2,310,000 shares, the short-interest ratio is presently 3.6 days.

EnLink Midstream Stock Performance

ENLC stock traded down $0.15 during trading hours on Friday, hitting $14.69. 867,234 shares of the stock were exchanged, compared to its average volume of 2,012,379. EnLink Midstream has a 12 month low of $11.53 and a 12 month high of $14.96. The firm has a market capitalization of $6.78 billion, a P/E ratio of 49.43 and a beta of 2.40. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. The company has a 50-day simple moving average of $14.48 and a two-hundred day simple moving average of $13.73.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.90 billion. During the same period last year, the firm posted $0.12 EPS. EnLink Midstream’s quarterly revenue was up 1.4% on a year-over-year basis. On average, analysts forecast that EnLink Midstream will post 0.58 earnings per share for the current fiscal year.

EnLink Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be paid a $0.1325 dividend. The ex-dividend date of this dividend is Friday, November 1st. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.61%. EnLink Midstream’s payout ratio is currently 176.67%.

Insider Activity at EnLink Midstream

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total transaction of $2,985,077,219.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its stake in EnLink Midstream by 12.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after purchasing an additional 853 shares during the last quarter. First Dallas Securities Inc. lifted its stake in shares of EnLink Midstream by 0.6% in the 2nd quarter. First Dallas Securities Inc. now owns 158,598 shares of the pipeline company’s stock valued at $2,182,000 after acquiring an additional 960 shares during the last quarter. Callahan Advisors LLC grew its position in EnLink Midstream by 8.7% during the 2nd quarter. Callahan Advisors LLC now owns 12,500 shares of the pipeline company’s stock worth $172,000 after acquiring an additional 1,000 shares during the last quarter. Bank of New York Mellon Corp raised its position in EnLink Midstream by 9.1% in the second quarter. Bank of New York Mellon Corp now owns 13,861 shares of the pipeline company’s stock valued at $191,000 after purchasing an additional 1,151 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in EnLink Midstream by 21.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after acquiring an additional 1,511 shares during the period. 45.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ENLC shares. UBS Group downgraded EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective for the company. in a research report on Monday, September 30th. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a research report on Friday, August 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, August 29th. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $16.00 to $15.00 in a research report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $15.40.

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.