EnLink Midstream (NYSE:ENLC) Downgraded by Morgan Stanley

Morgan Stanley cut shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to an equal weight rating in a research note issued to investors on Monday, Marketbeat Ratings reports. Morgan Stanley currently has $16.00 price target on the pipeline company’s stock.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company cut EnLink Midstream from an overweight rating to an equal weight rating and decreased their price target for the stock from $16.00 to $15.00 in a research note on Friday, August 30th. StockNews.com raised EnLink Midstream from a hold rating to a buy rating in a research note on Tuesday, September 10th. Capital One Financial reaffirmed an equal weight rating and issued a $16.00 target price on shares of EnLink Midstream in a research report on Tuesday, September 3rd. 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 research report on Friday, August 16th. Finally, Royal Bank of Canada restated a sector perform rating and issued a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, August 29th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $15.33.

EnLink Midstream Stock Performance

NYSE ENLC opened at $14.50 on Monday. The stock has a fifty day simple moving average of $13.65 and a 200-day simple moving average of $13.43. 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 has a market cap of $6.69 billion, a PE ratio of 41.43 and a beta of 2.40. EnLink Midstream has a twelve month low of $11.44 and a twelve month high of $14.80.

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

EnLink Midstream Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were given a dividend of $0.1325 per share. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Friday, August 2nd. EnLink Midstream’s payout ratio is 151.43%.

Institutional Trading of EnLink Midstream

A number of hedge funds and other institutional investors have recently bought and sold shares of ENLC. Newbridge Financial Services Group Inc. acquired a new stake in shares of EnLink Midstream during the 2nd quarter worth about $56,000. Sanctuary Advisors LLC purchased a new stake in shares of EnLink Midstream during the 2nd quarter worth approximately $384,000. Sunbelt Securities Inc. boosted its holdings in shares of 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 buying an additional 1,511 shares in the last quarter. Algert Global LLC purchased a new position in shares of EnLink Midstream in the 2nd quarter valued at $425,000. Finally, Mackenzie Financial Corp raised its stake in EnLink Midstream by 468.8% during the 2nd quarter. Mackenzie Financial Corp now owns 102,368 shares of the pipeline company’s stock worth $1,409,000 after acquiring an additional 84,372 shares in the last quarter. 45.87% of the stock is currently owned by institutional investors and hedge funds.

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.