StockNews.com Initiates Coverage on EnLink Midstream (NYSE:ENLC)

StockNews.com began coverage on shares of EnLink Midstream (NYSE:ENLC) in a research note issued to investors on Tuesday. The firm issued a hold rating on the pipeline company’s stock.

A number of other brokerages also recently weighed in on ENLC. US Capital Advisors downgraded EnLink Midstream from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. 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, November 21st. Finally, Raymond James downgraded EnLink Midstream from an “outperform” rating to a “market perform” rating in a report on Friday, November 8th. Eleven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.40.

EnLink Midstream Price Performance

Shares of ENLC opened at $14.56 on Tuesday. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 69.33 and a beta of 2.43. EnLink Midstream has a fifty-two week low of $11.83 and a fifty-two week high of $16.40. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.42 and a quick ratio of 0.42. The business’s 50-day moving average is $14.57 and its 200-day moving average is $14.65.

Institutional Investors Weigh In On EnLink Midstream

Large investors have recently made changes to their positions in the company. Merewether Investment Management LP bought a new stake in EnLink Midstream during the third quarter worth approximately $64,477,000. Bank of America Corp DE boosted its position in EnLink Midstream by 586.0% during the fourth quarter. Bank of America Corp DE now owns 3,266,206 shares of the pipeline company’s stock worth $46,217,000 after purchasing an additional 2,790,050 shares during the period. Pentwater Capital Management LP bought a new stake in EnLink Midstream during the fourth quarter worth approximately $36,436,000. Brookfield Corp ON boosted its position in EnLink Midstream by 97.1% during the third quarter. Brookfield Corp ON now owns 3,603,351 shares of the pipeline company’s stock worth $52,285,000 after purchasing an additional 1,775,203 shares during the period. Finally, Westwood Holdings Group Inc. boosted its position in EnLink Midstream by 67.4% during the fourth quarter. Westwood Holdings Group Inc. now owns 3,682,041 shares of the pipeline company’s stock worth $52,101,000 after purchasing an additional 1,482,164 shares during the period. Institutional investors own 45.87% of the company’s stock.

EnLink Midstream Company Profile

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.