EnLink Midstream (NYSE:ENLC) Sees Strong Trading Volume – What’s Next?

EnLink Midstream, LLC (NYSE:ENLC) saw unusually-high trading volume on Monday . Approximately 4,148,038 shares were traded during trading, an increase of 104% from the previous session’s volume of 2,029,428 shares.The stock last traded at $15.86 and had previously closed at $15.75.

Wall Street Analyst Weigh In

ENLC has been the subject of several research analyst reports. Raymond James cut shares of EnLink Midstream from an “outperform” rating to a “market perform” rating in a research report on Friday, November 8th. UBS Group cut EnLink Midstream from a “buy” rating to a “neutral” rating and set a $16.00 price objective on the stock. in a research report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 price objective on shares of EnLink Midstream in a report on Thursday, November 21st. Stifel Nicolaus cut 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. Finally, Wells Fargo & Company lowered shares of 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. Ten research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.40.

EnLink Midstream Trading Down 0.4 %

The stock has a 50 day simple moving average of $14.94 and a 200-day simple moving average of $13.98. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 2.30. The firm has a market cap of $7.24 billion, a P/E ratio of 75.76 and a beta of 2.41.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings data on Wednesday, November 6th. The pipeline company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.16). EnLink Midstream had a net margin of 1.96% and a return on equity of 9.51%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.98 billion. During the same period in the previous year, the business earned $0.10 earnings per share. EnLink Midstream’s revenue for the quarter was down 7.9% on a year-over-year basis. On average, equities research analysts expect that EnLink Midstream, LLC will post 0.55 EPS for the current fiscal year.

EnLink Midstream Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were issued a dividend of $0.1325 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $0.53 annualized dividend and a yield of 3.34%. EnLink Midstream’s payout ratio is 252.38%.

Insiders Place Their Bets

In other news, major shareholder Infrastructure Investor Global sold 200,340,753 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $14.90, for a total value of $2,985,077,219.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.84% of the stock is owned by insiders.

Institutional Trading of EnLink Midstream

A number of large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of EnLink Midstream in the first quarter valued at about $105,000. CANADA LIFE ASSURANCE Co lifted its position in shares of EnLink Midstream by 4.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 184,007 shares of the pipeline company’s stock worth $2,513,000 after purchasing an additional 8,218 shares during the period. Janus Henderson Group PLC bought a new position in shares of EnLink Midstream during the first quarter valued at approximately $1,453,000. B. Riley Wealth Advisors Inc. increased its holdings in EnLink Midstream by 13.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 69,793 shares of the pipeline company’s stock valued at $952,000 after buying an additional 8,370 shares during the period. Finally, Castleark Management LLC increased its holdings in EnLink Midstream by 31.0% during the first quarter. Castleark Management LLC now owns 152,400 shares of the pipeline company’s stock valued at $2,079,000 after buying an additional 36,090 shares during the period. Hedge funds and other institutional investors 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.