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Investment analysts at Bank of America began coverage on shares of EnLink Midstream (NASDAQ:ENLC) in a note issued to investors on Thursday. The firm set a “neutral” rating and a $38.00 price target on the stock. Bank of America’s target price points to a potential downside of 6.22% from the stock’s previous close.

The analysts wrote, “On 21 October 2013, Devon Energy Corp (DVN), CrossTex Energy, LP (legacy XTEX) and CrossTex Energy, Inc. (legacy XTXI) announced the merger of DVN’s midstream assets with XTEX and XTXI to form ENLK and ENLC, respectively. Shares of legacy XTXI have rallied since the announcement, outperforming peers (total return of +78% versus a 4% for the AMZX index)…Despite its attractive dividend growth potential, we resume coverage of ENLC with a Neutral rating (from a prior Neutral rating on XTXI) as we believe ENLC’s low current yield of 1.6% leaves little room for additional yield compression and ENLC may face material incremental tax headwinds in the medium-term.”

Shares of EnLink Midstream (NASDAQ:ENLC) traded up 1.68% during mid-day trading on Thursday, hitting $40.52. 214,872 shares of the company’s stock traded hands. EnLink Midstream has a 52 week low of $18.32 and a 52 week high of $42.88. The stock’s 50-day moving average is $36.19 and its 200-day moving average is $35.53. The company has a market cap of $6.646 billion and a P/E ratio of 53.56.

EnLink Midstream (NASDAQ:ENLC) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.04 earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.08) by $0.12. Analysts expect that EnLink Midstream will post $0.13 EPS for the current fiscal year.

Separately, analysts at Robert W. Baird upgraded shares of EnLink Midstream from a “neutral” rating to an “outperform” rating in a research note on Monday, March 10th.

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