EnLink Midstream, LLC (NYSE:ENLC) Sees Significant Increase in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 8,320,000 shares, a growth of 10.1% from the August 15th total of 7,560,000 shares. Currently, 3.6% of the company’s stock are sold short. Based on an average trading volume of 2,360,000 shares, the short-interest ratio is presently 3.5 days.

Hedge Funds Weigh In On EnLink Midstream

A number of institutional investors have recently bought and sold shares of the business. ORG Partners LLC acquired a new stake in EnLink Midstream during the 2nd quarter worth $28,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of EnLink Midstream during the second quarter worth approximately $56,000. Sunbelt Securities Inc. increased its stake in shares of EnLink Midstream by 24.2% during the first quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock worth $94,000 after buying an additional 1,343 shares during the period. SG Americas Securities LLC acquired a new position in EnLink Midstream in the first quarter valued at approximately $105,000. Finally, First Horizon Advisors Inc. boosted its holdings in EnLink Midstream by 12.5% in the second 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 in the last quarter. 45.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ENLC. Royal Bank of Canada restated a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Tudor, Pickering, Holt & Co. raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Friday, August 16th. Capital One Financial reissued an “equal weight” rating and set a $16.00 target price on shares of EnLink Midstream in a report on Tuesday, September 3rd. Finally, Stifel Nicolaus lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price on the stock. in a report on Friday, August 30th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $15.33.

EnLink Midstream Stock Performance

ENLC stock traded down $0.21 during midday trading on Wednesday, reaching $14.45. 1,288,842 shares of the company’s stock traded hands, compared to its average volume of 2,084,228. EnLink Midstream has a 52-week low of $11.44 and a 52-week high of $14.80. The stock has a market cap of $6.67 billion, a P/E ratio of 41.27 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 stock’s 50-day moving average is $13.63 and its 200 day moving average is $13.42.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. EnLink Midstream’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 EPS. As a group, analysts anticipate that EnLink Midstream will post 0.59 EPS for the current year.

EnLink Midstream Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were paid a $0.1325 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.67%. EnLink Midstream’s dividend payout ratio (DPR) is 151.43%.

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.