Wells Fargo & Company Downgrades EnLink Midstream (NYSE:ENLC) to Equal Weight

EnLink Midstream (NYSE:ENLC) was downgraded by equities research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a report issued on Friday, Marketbeat Ratings reports. They presently have a $15.00 target price on the pipeline company’s stock, down from their prior target price of $16.00. Wells Fargo & Company‘s target price points to a potential upside of 4.20% from the stock’s current price.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. boosted their price target on EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, July 10th. StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, August 13th. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Friday, August 16th. Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a research note on Friday, August 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $15.00 target price on shares of EnLink Midstream in a research report on Thursday. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.10.

EnLink Midstream Stock Performance

Shares of EnLink Midstream stock opened at $14.40 on Friday. EnLink Midstream has a 52 week low of $11.44 and a 52 week high of $14.80. The company has a market capitalization of $6.50 billion, a PE ratio of 41.13 and a beta of 2.43. The stock’s fifty day moving average is $13.43 and its two-hundred day moving average is $13.20. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 1.72.

EnLink Midstream (NYSE:ENLC) last posted its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.90 billion. EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. As a group, analysts expect that EnLink Midstream will post 0.65 earnings per share for the current year.

Hedge Funds Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently modified their holdings of ENLC. Sunbelt Securities Inc. increased its position in shares of EnLink Midstream by 21.9% in the 2nd quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock valued at $116,000 after acquiring an additional 1,511 shares during the period. Algert Global LLC acquired a new position in shares of EnLink Midstream in the second quarter valued at about $425,000. Mackenzie Financial Corp increased its holdings in shares of EnLink Midstream by 468.8% in the second quarter. Mackenzie Financial Corp now owns 102,368 shares of the pipeline company’s stock valued at $1,409,000 after purchasing an additional 84,372 shares during the period. Millennium Management LLC raised its stake in shares of EnLink Midstream by 1,433.6% in the second quarter. Millennium Management LLC now owns 497,846 shares of the pipeline company’s stock worth $6,850,000 after purchasing an additional 465,383 shares during the last quarter. Finally, NBW Capital LLC lifted its holdings in shares of EnLink Midstream by 0.3% during the second quarter. NBW Capital LLC now owns 1,101,894 shares of the pipeline company’s stock worth $15,162,000 after purchasing an additional 3,490 shares during the period. 45.87% of the stock is owned by hedge funds and other institutional investors.

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.