Q3 2024 EPS Estimates for EnLink Midstream, LLC (NYSE:ENLC) Reduced by Analyst

EnLink Midstream, LLC (NYSE:ENLC) – Stock analysts at Capital One Financial cut their Q3 2024 earnings estimates for shares of EnLink Midstream in a research note issued to investors on Thursday, September 19th. Capital One Financial analyst W. Suki now expects that the pipeline company will post earnings per share of $0.11 for the quarter, down from their prior estimate of $0.12. Capital One Financial has a “Equal Weight” rating and a $16.00 price objective on the stock. The consensus estimate for EnLink Midstream’s current full-year earnings is $0.59 per share. Capital One Financial also issued estimates for EnLink Midstream’s FY2025 earnings at $0.65 EPS.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company downgraded shares of EnLink Midstream from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $15.00 in a report on Friday, August 30th. Stifel Nicolaus downgraded EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price target on the stock. in a research report on Friday, August 30th. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Friday, August 16th. Morgan Stanley cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price target for the company. in a research note on Monday, September 16th. Finally, StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.33.

EnLink Midstream Trading Down 0.7 %

Shares of NYSE ENLC opened at $14.60 on Monday. EnLink Midstream has a 1-year low of $11.44 and a 1-year high of $14.80. The business has a fifty day moving average price of $13.69 and a 200 day moving average price of $13.48. The stock has a market capitalization of $6.59 billion, a P/E ratio of 41.71 and a beta of 2.40. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.90 billion. During the same period last year, the firm earned $0.12 EPS. The business’s quarterly revenue was up 1.4% on a year-over-year basis.

Hedge Funds Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently bought and sold shares of the business. HITE Hedge Asset Management LLC lifted its stake in EnLink Midstream by 2,629.4% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 2,002,935 shares of the pipeline company’s stock valued at $27,560,000 after acquiring an additional 1,929,551 shares during the period. Hennessy Advisors Inc. lifted its position in EnLink Midstream by 1,614.2% during the fourth quarter. Hennessy Advisors Inc. now owns 1,868,500 shares of the pipeline company’s stock valued at $22,721,000 after purchasing an additional 1,759,500 shares during the period. Chickasaw Capital Management LLC boosted its holdings in EnLink Midstream by 5.5% in 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 purchasing an additional 759,994 shares during the last quarter. Millennium Management LLC grew its position in EnLink Midstream by 1,433.6% during the 2nd quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock worth $6,850,000 after purchasing an additional 465,383 shares during the period. Finally, Westwood Holdings Group Inc. raised its stake in shares of EnLink Midstream by 22.8% during the 1st quarter. Westwood Holdings Group Inc. now owns 2,245,529 shares of the pipeline company’s stock valued at $30,629,000 after buying an additional 416,424 shares during the last quarter. Institutional investors and hedge funds own 45.87% of the company’s stock.

EnLink Midstream Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Friday, August 2nd were given a $0.1325 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.53 dividend on an annualized basis and a yield of 3.63%. This is a positive change from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s dividend payout ratio is currently 151.43%.

EnLink Midstream Company Profile

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.