Zacks Investment Research upgraded shares of EnLink Midstream (NYSE:ENLC) from a sell rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “Enlink Midstream LLC is independent midstream energy. The Company is involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. Enlink Midstream LLC, formerly known as Crosstex Energy Inc., is based in headquartered in Dallas, Texas. “
ENLC has been the subject of several other research reports. Jefferies Group restated a hold rating and issued a $16.00 price objective on shares of EnLink Midstream in a research report on Friday, January 12th. Robert W. Baird set a $21.00 price objective on shares of EnLink Midstream and gave the company a hold rating in a research report on Friday, November 17th. B. Riley began coverage on shares of EnLink Midstream in a research report on Friday, January 26th. They issued a neutral rating and a $18.00 price objective for the company. ValuEngine cut shares of EnLink Midstream from a hold rating to a sell rating in a research report on Friday, February 2nd. Finally, Seaport Global Securities set a $17.00 price objective on shares of EnLink Midstream and gave the company a hold rating in a research report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the stock. EnLink Midstream currently has a consensus rating of Hold and a consensus target price of $18.36.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were given a dividend of $0.259 per share. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.26. The ex-dividend date was Tuesday, January 30th. This represents a $1.04 annualized dividend and a dividend yield of 6.82%. EnLink Midstream’s payout ratio is currently 89.66%.
Large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its position in shares of EnLink Midstream by 11.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,684 shares of the pipeline company’s stock worth $100,000 after buying an additional 599 shares during the period. Macquarie Group Ltd. bought a new position in EnLink Midstream during the 4th quarter worth approximately $144,000. Nationwide Fund Advisors boosted its stake in EnLink Midstream by 397.6% during the 3rd quarter. Nationwide Fund Advisors now owns 12,013 shares of the pipeline company’s stock worth $207,000 after acquiring an additional 9,599 shares during the last quarter. Engineers Gate Manager LP bought a new position in EnLink Midstream during the 4th quarter worth approximately $214,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in EnLink Midstream during the 3rd quarter worth approximately $255,000. Institutional investors own 33.46% of the company’s stock.
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EnLink Midstream Company Profile
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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