EnLink Midstream, LLC (ENLC) Releases Earnings Results, Misses Expectations By $0.11 EPS
EnLink Midstream, LLC (NYSE:ENLC) announced its quarterly earnings data on Tuesday. The pipeline company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.11), Briefing.com reports. EnLink Midstream had a net margin of 0.02% and a return on equity of 0.05%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.36 billion. The firm’s revenue was up 26.6% on a year-over-year basis.
Shares of EnLink Midstream (NYSE:ENLC) traded up 3.55% during mid-day trading on Wednesday, hitting $16.05. 137,195 shares of the stock were exchanged. EnLink Midstream has a 1-year low of $14.70 and a 1-year high of $20.45. The company’s 50-day moving average is $16.88 and its 200-day moving average is $17.27. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of 4012.50 and a beta of 2.59.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Wednesday, November 1st will be paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 6.58%. The ex-dividend date of this dividend is Tuesday, October 31st.
A hedge fund recently raised its stake in EnLink Midstream stock. The Manufacturers Life Insurance Company boosted its stake in shares of EnLink Midstream, LLC (NYSE:ENLC) by 11.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,684 shares of the pipeline company’s stock after acquiring an additional 599 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in EnLink Midstream were worth $100,000 as of its most recent SEC filing. 34.48% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on ENLC shares. UBS AG raised shares of EnLink Midstream from a “neutral” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Tuesday, October 24th. Zacks Investment Research raised shares of EnLink Midstream from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Tuesday, October 17th. Citigroup Inc. raised shares of EnLink Midstream to a “neutral” rating and set a $19.00 target price for the company in a research note on Wednesday, August 2nd. ValuEngine lowered shares of EnLink Midstream from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Finally, BidaskClub raised shares of EnLink Midstream from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. EnLink Midstream has an average rating of “Hold” and an average price target of $18.83.
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About EnLink Midstream
EnLink Midstream, LLC is an integrated midstream company. The Company’s assets consist of equity interests in EnLink Midstream Partners, LP (the Partnership) and EnLink Oklahoma Gas Processing, LP (EnLink Oklahoma T.O.). The Partnership is engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NGLs), condensate and crude oil, as well as providing crude oil, condensate and brine services to producers.
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