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

EnLink Midstream, LLC (NYSE:ENLC) was the recipient of 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 days-to-cover ratio is presently 3.5 days. Currently, 3.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On EnLink Midstream

Several institutional investors have recently bought and sold shares of ENLC. Newbridge Financial Services Group Inc. acquired a new stake in shares of EnLink Midstream during the second quarter worth $56,000. Sanctuary Advisors LLC bought a new stake in shares of EnLink Midstream in the second quarter valued at about $384,000. Sunbelt Securities Inc. raised its holdings in EnLink Midstream by 21.9% during the second quarter. Sunbelt Securities Inc. now owns 8,396 shares of the pipeline company’s stock worth $116,000 after acquiring an additional 1,511 shares in the last quarter. Algert Global LLC bought a new stake in EnLink Midstream during the second quarter worth about $425,000. Finally, Mackenzie Financial Corp raised its holdings in EnLink Midstream by 468.8% during the second quarter. Mackenzie Financial Corp now owns 102,368 shares of the pipeline company’s stock worth $1,409,000 after acquiring an additional 84,372 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

EnLink Midstream Stock Performance

ENLC traded down $0.21 during midday trading on Wednesday, reaching $14.45. The company’s stock had a trading volume of 1,288,842 shares, compared to its average volume of 2,084,228. The stock has a market cap of $6.67 billion, a P/E ratio of 41.27 and a beta of 2.40. The company has a fifty day simple moving average of $13.63 and a 200 day simple moving average of $13.42. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 1.72. EnLink Midstream has a twelve month low of $11.44 and a twelve month high of $14.80.

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). The firm 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%. EnLink Midstream’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 EPS. Research analysts expect that EnLink Midstream will post 0.59 earnings per share for the current year.

EnLink Midstream Increases Dividend

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

Wall Street Analyst Weigh In

ENLC has been the topic of a number of analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $15.00 price objective on shares of EnLink Midstream in a research note on Thursday, August 29th. Tudor Pickering upgraded EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. Morgan Stanley downgraded EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a report on Monday. JPMorgan Chase & Co. lifted their price objective on EnLink Midstream from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Finally, StockNews.com upgraded EnLink Midstream from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Six equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, EnLink Midstream currently has an average 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.