Equities research analysts expect EnLink Midstream LLC (NYSE:ENLC) to announce $1.79 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have made estimates for EnLink Midstream’s earnings, with the highest sales estimate coming in at $1.90 billion and the lowest estimate coming in at $1.72 billion. EnLink Midstream reported sales of $2.11 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 15.2%. The company is scheduled to announce its next earnings report on Tuesday, November 5th.
On average, analysts expect that EnLink Midstream will report full-year sales of $7.06 billion for the current fiscal year, with estimates ranging from $6.78 billion to $7.33 billion. For the next financial year, analysts expect that the company will post sales of $7.88 billion, with estimates ranging from $7.45 billion to $8.72 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow EnLink Midstream.
EnLink Midstream (NYSE:ENLC) last issued its earnings results on Tuesday, August 6th. The pipeline company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.01). The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.85 billion. EnLink Midstream had a negative return on equity of 0.16% and a negative net margin of 3.21%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 earnings per share.
A number of analysts recently weighed in on the stock. Barclays restated a “hold” rating and set a $12.00 target price on shares of EnLink Midstream in a report on Thursday, July 18th. Jefferies Financial Group upgraded shares of EnLink Midstream from a “hold” rating to a “buy” rating and reduced their target price for the stock from $13.00 to $12.00 in a report on Monday, July 15th. Mizuho assumed coverage on shares of EnLink Midstream in a report on Thursday, July 25th. They set a “neutral” rating and a $11.50 target price for the company. Mitsubishi UFJ Financial Group cut shares of EnLink Midstream from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $10.00 in a report on Wednesday, August 7th. Finally, ValuEngine upgraded shares of EnLink Midstream from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $13.45.
In other EnLink Midstream news, Chairman Barry E. Davis purchased 136,700 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average price of $7.32 per share, for a total transaction of $1,000,644.00. Following the acquisition, the chairman now owns 1,892,372 shares of the company’s stock, valued at $13,852,163.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.45% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. Raymond James Trust N.A. acquired a new position in EnLink Midstream in the 1st quarter valued at $144,000. Conning Inc. acquired a new position in EnLink Midstream in the 1st quarter valued at $2,099,000. Clearbridge Investments LLC grew its stake in EnLink Midstream by 21,064.4% in the 1st quarter. Clearbridge Investments LLC now owns 10,697,359 shares of the pipeline company’s stock valued at $136,712,000 after buying an additional 10,646,815 shares during the last quarter. Ballentine Partners LLC acquired a new position in EnLink Midstream in the 1st quarter valued at $885,000. Finally, Belpointe Asset Management LLC acquired a new position in EnLink Midstream in the 1st quarter valued at $142,000. Institutional investors and hedge funds own 48.92% of the company’s stock.
NYSE:ENLC traded up $0.05 during trading hours on Thursday, reaching $7.40. 2,047,056 shares of the company’s stock were exchanged, compared to its average volume of 2,712,906. The stock has a market cap of $3.65 billion, a P/E ratio of -105.71, a P/E/G ratio of 6.51 and a beta of 2.00. EnLink Midstream has a 12 month low of $7.20 and a 12 month high of $17.65. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a 50-day moving average price of $9.65.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Monday, July 29th will be issued a dividend of $0.283 per share. The ex-dividend date is Friday, July 26th. This represents a $1.13 dividend on an annualized basis and a dividend yield of 15.30%. This is an increase from EnLink Midstream’s previous quarterly dividend of $0.28. EnLink Midstream’s dividend payout ratio (DPR) is currently -1,614.29%.
EnLink Midstream Company Profile
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through Texas, Oklahoma, Louisiana, and Crude and Condensate segments. The company 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.
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