EnLink Midstream, LLC (NYSE:ENLC) declared a quarterly dividend on Thursday, July 20th, NASDAQ reports. Shareholders of record on Tuesday, August 1st will be given a dividend of 0.255 per share by the pipeline company on Monday, August 14th. This represents a $1.02 annualized dividend and a yield of 5.70%. The ex-dividend date of this dividend is Friday, July 28th.
EnLink Midstream has a dividend payout ratio of 443.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect EnLink Midstream to earn $0.65 per share next year, which means the company may not be able to cover its $1.02 annual dividend with an expected future payout ratio of 156.9%.
EnLink Midstream (NYSE:ENLC) traded down 1.12% during midday trading on Friday, hitting $17.70. The stock had a trading volume of 38,475 shares. EnLink Midstream has a 12-month low of $14.70 and a 12-month high of $20.45. The firm has a 50-day moving average of $17.02 and a 200-day moving average of $18.36. The company’s market cap is $3.20 billion.
ENLC has been the subject of a number of analyst reports. Royal Bank Of Canada restated a “hold” rating and issued a $21.00 price target on shares of EnLink Midstream in a research report on Friday, April 21st. Credit Suisse Group upped their price target on EnLink Midstream from $18.00 to $19.00 and gave the company an “underperform” rating in a research report on Friday, April 7th. BidaskClub upgraded EnLink Midstream from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Guggenheim initiated coverage on EnLink Midstream in a research report on Monday, April 17th. They issued a “neutral” rating and a $18.00 price target for the company. Finally, TheStreet upgraded EnLink Midstream from a “d” rating to a “c-” rating in a research report on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $18.44.
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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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