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.
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. “
Several other equities research analysts have also recently issued reports on the company. UBS Group lowered their price objective on EnLink Midstream from $20.00 to $19.00 and set a buy rating on the stock in a report on Friday, March 2nd. Robert W. Baird set a $16.00 price objective on EnLink Midstream and gave the stock a hold rating in a report on Tuesday, February 27th. Bank of America lowered their price objective on EnLink Midstream from $18.00 to $17.00 and set a neutral rating on the stock in a report on Thursday, February 22nd. Seaport Global Securities set a $17.00 price objective on EnLink Midstream and gave the stock a hold rating in a report on Friday, February 9th. Finally, ValuEngine cut EnLink Midstream from a hold rating to a sell rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $18.15.
The business also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Wednesday, January 31st were issued a dividend of $0.259 per share. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.26. This represents a $1.04 annualized dividend and a dividend yield of 6.82%. The ex-dividend date of this dividend was Tuesday, January 30th. EnLink Midstream’s payout ratio is currently 89.66%.
Institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its holdings 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 purchasing an additional 599 shares during the last quarter. Macquarie Group Ltd. acquired a new position in shares of EnLink Midstream during the 4th quarter worth approximately $144,000. Nationwide Fund Advisors boosted its holdings in shares of 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 purchasing an additional 9,599 shares during the last quarter. Engineers Gate Manager LP acquired a new position in shares of EnLink Midstream during the 4th quarter worth approximately $214,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of EnLink Midstream during the 3rd quarter worth approximately $255,000. Institutional investors and hedge funds 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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