EnLink Midstream, LLC (NYSE:ENLC) Sees Large Growth in Short Interest

EnLink Midstream, LLC (NYSE:ENLC) was the target of a large growth in short interest in the month of 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 daily trading volume, of 2,360,000 shares, the short-interest ratio is presently 3.5 days. Currently, 3.6% of the shares of the company are short sold.

Hedge Funds Weigh In On EnLink Midstream

Several hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in shares of EnLink Midstream by 1.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 15,964,328 shares of the pipeline company’s stock worth $194,126,000 after buying an additional 186,801 shares during the last quarter. Chickasaw Capital Management LLC lifted its holdings in shares of EnLink Midstream by 5.5% in the second quarter. Chickasaw Capital Management LLC now owns 14,602,011 shares of the pipeline company’s stock worth $200,924,000 after acquiring an additional 759,994 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of EnLink Midstream by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,823,891 shares of the pipeline company’s stock valued at $93,884,000 after purchasing an additional 133,327 shares in the last quarter. Hennessy Advisors Inc. grew its holdings in shares of EnLink Midstream by 17.0% during the 2nd quarter. Hennessy Advisors Inc. now owns 2,477,000 shares of the pipeline company’s stock valued at $34,084,000 after purchasing an additional 360,400 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its position in EnLink Midstream by 4.7% during the 2nd quarter. Westwood Holdings Group Inc. now owns 2,351,996 shares of the pipeline company’s stock worth $32,363,000 after purchasing an additional 106,467 shares in the last quarter. Institutional investors own 45.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ENLC shares. Tudor Pickering raised shares of EnLink Midstream to a “strong-buy” rating in a report on Friday, August 16th. StockNews.com raised EnLink Midstream from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Morgan Stanley lowered EnLink Midstream from an “overweight” rating to an “equal weight” rating and set a $16.00 price objective on the stock. in a report on Monday. Tudor, Pickering, Holt & Co. upgraded EnLink Midstream from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Friday, August 16th. Finally, Stifel Nicolaus cut shares of EnLink Midstream from a “buy” rating to a “hold” rating and set a $15.00 target price for the company. in a research report on Friday, August 30th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.33.

EnLink Midstream Price Performance

Shares of NYSE ENLC traded down $0.21 during mid-day trading on Wednesday, reaching $14.45. The company had a trading volume of 1,288,842 shares, compared to its average volume of 2,084,228. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 41.27 and a beta of 2.40. The business’s 50-day simple moving average is $13.63 and its 200 day simple moving average is $13.42. EnLink Midstream has a one year low of $11.44 and a one year high of $14.80. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.65 and a current ratio of 0.65.

EnLink Midstream (NYSE:ENLC) last issued its earnings results on Tuesday, August 6th. The pipeline company reported $0.07 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, research analysts predict that EnLink Midstream will post 0.59 earnings per share for the current fiscal year.

EnLink Midstream Increases Dividend

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

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.