Capital One Financial Comments on EnLink Midstream, LLC’s Q3 2024 Earnings (NYSE:ENLC)

EnLink Midstream, LLC (NYSE:ENLC) – Equities researchers at Capital One Financial dropped their Q3 2024 earnings estimates for shares of EnLink Midstream in a note issued to investors on Thursday, September 19th. Capital One Financial analyst W. Suki now expects that the pipeline company will post earnings per share of $0.11 for the quarter, down from their previous forecast of $0.12. Capital One Financial has a “Equal Weight” rating and a $16.00 price target on the stock. The consensus estimate for EnLink Midstream’s current full-year earnings is $0.59 per share. Capital One Financial also issued estimates for EnLink Midstream’s FY2025 earnings at $0.65 EPS.

Several other brokerages also recently commented on ENLC. JPMorgan Chase & Co. raised their target price on shares of EnLink Midstream from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Stifel Nicolaus lowered shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 price objective on the stock. in a report on Friday, August 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $15.00 target price on shares of EnLink Midstream in a research note on Thursday, August 29th. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $16.00 to $15.00 in a report on Friday, August 30th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, EnLink Midstream presently has an average rating of “Moderate Buy” and a consensus price target of $15.33.

EnLink Midstream Stock Up 0.8 %

Shares of EnLink Midstream stock opened at $14.62 on Monday. EnLink Midstream has a 1 year low of $11.44 and a 1 year 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 company has a market capitalization of $6.60 billion, a P/E ratio of 41.77 and a beta of 2.40. The business has a 50-day moving average of $13.66 and a two-hundred day moving average of $13.46.

EnLink Midstream (NYSE:ENLC) last announced its quarterly earnings results on Tuesday, August 6th. The pipeline company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.06). The firm had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.90 billion. EnLink Midstream had a net margin of 2.15% and a return on equity of 8.22%. EnLink Midstream’s quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm earned $0.12 EPS.

EnLink Midstream Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were paid a dividend of $0.1325 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.63%. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.13. EnLink Midstream’s dividend payout ratio is currently 151.43%.

Hedge Funds Weigh In On EnLink Midstream

Hedge funds and other institutional investors have recently made changes to their positions in the company. ORG Partners LLC acquired a new stake in EnLink Midstream in the second quarter valued at $28,000. Newbridge Financial Services Group Inc. bought a new position in EnLink Midstream during the second quarter worth about $56,000. Sunbelt Securities Inc. increased its position in EnLink Midstream by 24.2% during the first quarter. Sunbelt Securities Inc. now owns 6,885 shares of the pipeline company’s stock worth $94,000 after buying an additional 1,343 shares during the last quarter. SG Americas Securities LLC acquired a new position in EnLink Midstream during the first quarter worth approximately $105,000. Finally, First Horizon Advisors Inc. raised its stake in EnLink Midstream by 12.5% in the second quarter. First Horizon Advisors Inc. now owns 7,702 shares of the pipeline company’s stock valued at $106,000 after buying an additional 853 shares during the period. 45.87% of the stock is owned by institutional investors.

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.