EnLink Midstream (NYSE:ENLC) Rating Increased to Overweight at Wells Fargo & Company

EnLink Midstream (NYSE:ENLC) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a note issued to investors on Monday, MarketBeat reports. The brokerage presently has a $17.00 target price on the pipeline company’s stock, up from their prior target price of $13.00. Wells Fargo & Company‘s price objective points to a potential upside of 23.46% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Citigroup raised their target price on shares of EnLink Midstream from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Capital One Financial began coverage on shares of EnLink Midstream in a report on Friday, March 22nd. They set an “overweight” rating and a $15.00 target price for the company. Finally, StockNews.com downgraded shares of EnLink Midstream from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, EnLink Midstream presently has an average rating of “Moderate Buy” and a consensus target price of $15.17.

EnLink Midstream Stock Performance

Shares of NYSE:ENLC opened at $13.77 on Monday. The stock has a market capitalization of $6.21 billion, a P/E ratio of 39.34 and a beta of 2.43. EnLink Midstream has a 1-year low of $10.87 and a 1-year high of $14.18. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.76. The business has a 50-day moving average price of $13.25 and a two-hundred day moving average price of $12.90.

EnLink Midstream (NYSE:ENLC) last released its quarterly earnings data on Tuesday, April 30th. The pipeline company reported $0.14 EPS for the quarter, meeting analysts’ consensus estimates of $0.14. The business had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.79 billion. EnLink Midstream had a net margin of 2.40% and a return on equity of 8.58%. Equities analysts predict that EnLink Midstream will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On EnLink Midstream

Hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its stake in shares of EnLink Midstream by 1.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock worth $194,126,000 after buying an additional 186,801 shares during the period. Chickasaw Capital Management LLC increased its stake in shares of EnLink Midstream by 5.5% during the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock valued at $200,924,000 after buying an additional 759,994 shares during the period. Dimensional Fund Advisors LP lifted its stake in EnLink Midstream by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,736,175 shares of the pipeline company’s stock worth $81,911,000 after acquiring an additional 342,204 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in EnLink Midstream by 13.9% in the fourth quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 3,093,557 shares of the pipeline company’s stock valued at $37,618,000 after acquiring an additional 378,450 shares in the last quarter. Finally, Westwood Holdings Group Inc. raised its holdings in EnLink Midstream by 22.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock worth $30,629,000 after purchasing an additional 416,424 shares in the last quarter. 45.87% of the stock is currently owned by hedge funds and other institutional investors.

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.