EnLink Midstream LLC (NYSE:ENLC) announced a quarterly dividend on Friday, April 21st. Shareholders of record on Tuesday, May 2nd will be given a dividend of 0.255 per share by the pipeline company on Monday, May 15th. This represents a $1.02 dividend on an annualized basis and a yield of 5.54%.
EnLink Midstream has a payout ratio of 182.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect EnLink Midstream to earn $0.78 per share next year, which means the company may not be able to cover its $1.02 annual dividend with an expected future payout ratio of 130.8%.
EnLink Midstream (NYSE:ENLC) traded up 0.27% during midday trading on Friday, reaching $18.45. 234,546 shares of the company’s stock were exchanged. The stock’s market cap is $3.32 billion. EnLink Midstream has a 1-year low of $12.32 and a 1-year high of $20.45. The firm’s 50-day moving average is $19.22 and its 200 day moving average is $18.19.
EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings data on Tuesday, February 14th. The pipeline company reported ($0.02) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.08. The company earned $1.23 billion during the quarter, compared to the consensus estimate of $1.16 billion. EnLink Midstream had a negative net margin of 15.93% and a positive return on equity of 5.66%. EnLink Midstream’s revenue was up 14.9% compared to the same quarter last year. Equities analysts anticipate that EnLink Midstream will post $0.54 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on ENLC shares. Zacks Investment Research raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Wednesday, January 11th. Jefferies Group LLC lowered shares of EnLink Midstream from a “hold” rating to an “underperform” rating and set a $16.00 price objective on the stock. in a research report on Thursday, January 12th. Credit Suisse Group AG increased their price objective on shares of EnLink Midstream from $18.00 to $19.00 and gave the company an “underperform” rating in a research report on Friday, April 7th. Janney Montgomery Scott started coverage on shares of EnLink Midstream in a research report on Friday, March 10th. They issued a “neutral” rating and a $21.00 price objective on the stock. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $21.00 price objective on shares of EnLink Midstream in a research report on Thursday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. EnLink Midstream presently has a consensus rating of “Hold” and an average target price of $18.00.
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About EnLink Midstream
EnLink Midstream, LLC is an integrated midstream company. The Company’s assets consist of equity interests in EnLink Midstream Partners, LP (the Partnership) and EnLink Oklahoma Gas Processing, LP (EnLink Oklahoma T.O.). The Partnership is engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NGLs), condensate and crude oil, as well as providing crude oil, condensate and brine services to producers.
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