StockNews.com Initiates Coverage on EnLink Midstream (NYSE:ENLC)

Stock analysts at StockNews.com assumed coverage on shares of EnLink Midstream (NYSE:ENLC) in a note issued to investors on Friday. The brokerage set a “hold” rating on the pipeline company’s stock.

EnLink Midstream Trading Up 2.9 %

Shares of ENLC stock opened at $14.56 on Friday. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.42 and a quick ratio of 0.42. The firm has a market cap of $6.65 billion, a P/E ratio of 69.33 and a beta of 2.43. EnLink Midstream has a 1-year low of $11.83 and a 1-year high of $16.40. The firm’s 50-day simple moving average is $14.58 and its 200-day simple moving average is $14.74.

Institutional Trading of EnLink Midstream

A number of hedge funds have recently made changes to their positions in ENLC. Merewether Investment Management LP bought a new stake in shares of EnLink Midstream in the 3rd quarter worth approximately $64,477,000. Bank of America Corp DE boosted its stake in EnLink Midstream by 586.0% during the fourth quarter. Bank of America Corp DE now owns 3,266,206 shares of the pipeline company’s stock valued at $46,217,000 after buying an additional 2,790,050 shares in the last quarter. Pentwater Capital Management LP bought a new stake in shares of EnLink Midstream in the 4th quarter worth approximately $36,436,000. Brookfield Corp ON increased its holdings in shares of EnLink Midstream by 97.1% in the third quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock valued at $52,285,000 after buying an additional 1,775,203 shares in the last quarter. Finally, Westwood Holdings Group Inc. lifted its holdings in shares of EnLink Midstream by 67.4% during the fourth quarter. Westwood Holdings Group Inc. now owns 3,682,041 shares of the pipeline company’s stock valued at $52,101,000 after purchasing an additional 1,482,164 shares during the last quarter. Institutional investors and hedge funds own 45.87% of the company’s stock.

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.