EnLink Midstream, LLC (NYSE:ENLC) Sees Large Increase in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 8,320,000 shares, a growth of 10.1% from the August 15th total of 7,560,000 shares. Based on an average trading volume of 2,360,000 shares, the short-interest ratio is presently 3.5 days. Approximately 3.6% of the company’s stock are short sold.

EnLink Midstream Price Performance

Shares of NYSE:ENLC traded down $0.21 during trading on Wednesday, reaching $14.45. The stock had a trading volume of 1,288,842 shares, compared to its average volume of 2,084,228. EnLink Midstream has a 52 week low of $11.44 and a 52 week high of $14.80. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.65 and a quick ratio of 0.65. The business’s 50-day moving average price is $13.63 and its 200 day moving average price is $13.42. The stock has a market capitalization of $6.67 billion, a PE ratio of 41.27 and a beta of 2.40.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings data on Tuesday, August 6th. The pipeline company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.06). EnLink Midstream had a return on equity of 8.22% and a net margin of 2.15%. The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.90 billion. During the same quarter in the previous year, the business earned $0.12 earnings per share. EnLink Midstream’s revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, equities analysts predict that EnLink Midstream will post 0.59 earnings per share for the current year.

EnLink Midstream Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were paid a $0.1325 dividend. The ex-dividend date was Friday, August 2nd. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.67%. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s dividend payout ratio is 151.43%.

Institutional Investors Weigh In On EnLink Midstream

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENLC. Goldman Sachs Group Inc. increased its position in shares of EnLink Midstream by 1.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock valued at $194,126,000 after buying an additional 186,801 shares in the last quarter. Chickasaw Capital Management LLC raised its position in shares of EnLink Midstream by 5.5% during the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock worth $200,924,000 after purchasing an additional 759,994 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of EnLink Midstream by 2.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company’s stock valued at $93,884,000 after purchasing an additional 133,327 shares in the last quarter. Hennessy Advisors Inc. grew its position in shares of EnLink Midstream by 17.0% in the 2nd quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after purchasing an additional 360,400 shares during the period. Finally, Westwood Holdings Group Inc. increased its stake in EnLink Midstream by 4.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock worth $32,363,000 after purchasing an additional 106,467 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

Wall Street Analysts Forecast Growth

ENLC has been the subject of a number of analyst reports. Wells Fargo & Company cut EnLink Midstream from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $16.00 to $15.00 in a research report on Friday, August 30th. Tudor, Pickering, Holt & Co. raised EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. lifted their price target on shares of EnLink Midstream from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, July 10th. Capital One Financial reaffirmed an “equal weight” rating and set a $16.00 price objective on shares of EnLink Midstream in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $15.00 target price on shares of EnLink Midstream in a report on Thursday, August 29th. Six investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.33.

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.