EnLink Midstream (NYSE:ENLC) Downgraded by Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group cut shares of EnLink Midstream (NYSE:ENLC) from an overweight rating to a neutral rating in a research note released on Wednesday morning, BenzingaRatingsTable reports. The brokerage currently has $10.00 price objective on the pipeline company’s stock, down from their previous price objective of $15.00. Mitsubishi UFJ Financial Group also issued estimates for EnLink Midstream’s Q3 2019 earnings at $0.07 EPS, Q4 2019 earnings at $0.07 EPS, Q1 2020 earnings at $0.09 EPS, Q2 2020 earnings at $0.09 EPS, Q3 2020 earnings at $0.10 EPS and Q4 2020 earnings at $0.10 EPS.

A number of other research firms have also recently issued reports on ENLC. Barclays reissued a hold rating and set a $12.00 price objective on shares of EnLink Midstream in a research report on Thursday, July 18th. Mizuho initiated coverage on shares of EnLink Midstream in a research report on Thursday, July 25th. They set a neutral rating and a $11.50 price objective on the stock. Stifel Nicolaus cut shares of EnLink Midstream from a buy rating to a hold rating and set a $13.00 price objective on the stock. in a research report on Monday, April 15th. ValuEngine raised shares of EnLink Midstream from a sell rating to a hold rating in a research report on Thursday, August 1st. Finally, Jefferies Financial Group raised shares of EnLink Midstream from a hold rating to a buy rating and cut their price objective for the stock from $13.00 to $12.00 in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. EnLink Midstream presently has an average rating of Hold and an average price target of $13.45.

ENLC traded down $0.08 during trading on Wednesday, reaching $7.71. 3,218,876 shares of the stock traded hands, compared to its average volume of 3,988,390. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $3.80 billion, a PE ratio of -110.14, a PEG ratio of 7.27 and a beta of 2.00. The company has a 50-day simple moving average of $9.84. EnLink Midstream has a 12 month low of $7.20 and a 12 month high of $17.65.

EnLink Midstream (NYSE:ENLC) last issued its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.85 billion. EnLink Midstream had a negative net margin of 3.21% and a negative return on equity of 0.16%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.15 EPS. Equities research analysts anticipate that EnLink Midstream will post 0.3 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Monday, July 29th will be given a dividend of $0.283 per share. This represents a $1.13 dividend on an annualized basis and a dividend yield of 14.68%. The ex-dividend date is Friday, July 26th. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.28. EnLink Midstream’s dividend payout ratio is -1,614.29%.

Several hedge funds have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its holdings in shares of EnLink Midstream by 34.7% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 4,648 shares of the pipeline company’s stock worth $47,000 after acquiring an additional 1,198 shares during the last quarter. Creative Planning raised its holdings in shares of EnLink Midstream by 14.2% in the 2nd quarter. Creative Planning now owns 16,675 shares of the pipeline company’s stock worth $168,000 after acquiring an additional 2,069 shares during the last quarter. Brinker Capital Inc. raised its holdings in shares of EnLink Midstream by 6.3% in the 1st quarter. Brinker Capital Inc. now owns 35,385 shares of the pipeline company’s stock worth $452,000 after acquiring an additional 2,097 shares during the last quarter. Squar Milner Financial Services LLC raised its holdings in shares of EnLink Midstream by 135.2% in the 1st quarter. Squar Milner Financial Services LLC now owns 3,658 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 2,103 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of EnLink Midstream by 3.3% in the 2nd quarter. Van ECK Associates Corp now owns 67,309 shares of the pipeline company’s stock worth $679,000 after acquiring an additional 2,119 shares during the last quarter. 48.99% of the stock is currently owned by institutional investors.

About EnLink Midstream

EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company 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.

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Analyst Recommendations for EnLink Midstream (NYSE:ENLC)

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