EnLink Midstream (NYSE:ENLC) declared a quarterly dividend on Thursday, April 19th, RTT News reports. Investors of record on Monday, April 30th will be given a dividend of 0.263 per share by the pipeline company on Tuesday, May 15th. This represents a $1.05 annualized dividend and a dividend yield of 7.16%. The ex-dividend date of this dividend is Friday, April 27th. This is a boost from EnLink Midstream’s previous quarterly dividend of $0.26.
EnLink Midstream has increased its dividend payment by an average of 17.4% per year over the last three years. EnLink Midstream has a payout ratio of 340.0% 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 $0.82 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 124.4%.
ENLC stock opened at $14.70 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $2,658.98, a P/E ratio of 367.50 and a beta of 2.47. EnLink Midstream has a 1-year low of $13.80 and a 1-year high of $20.00.
Several research firms recently weighed in on ENLC. Barclays decreased their price objective on shares of EnLink Midstream from $19.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 17th. Seaport Global Securities set a $14.00 price objective on shares of EnLink Midstream and gave the stock a “hold” rating in a research report on Monday, April 9th. Guggenheim set a $16.00 price objective on shares of EnLink Midstream and gave the stock a “hold” rating in a research report on Monday, April 16th. JPMorgan Chase cut shares of EnLink Midstream from a “neutral” rating to an “underweight” rating and set a $17.00 price target on the stock. in a research report on Wednesday, April 4th. Finally, B. Riley began coverage on shares of EnLink Midstream in a research report on Friday, January 26th. They set a “neutral” rating and a $18.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. EnLink Midstream presently has a consensus rating of “Hold” and an average target price of $17.29.
An institutional investor recently raised its position in EnLink Midstream stock. The Manufacturers Life Insurance Company grew its stake in shares of EnLink Midstream (NYSE:ENLC) by 11.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,684 shares of the pipeline company’s stock after purchasing an additional 599 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in EnLink Midstream were worth $100,000 at the end of the most recent quarter. Institutional investors and hedge funds own 33.67% of the company’s stock.
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EnLink Midstream Company Profile
EnLink Midstream, LLC focuses on providing midstream energy services in the United States. It operates through five segments: Texas, Oklahoma, Louisiana, Crude and Condensate, and Corporate. The company is involved in gathering, compressing, treating, processing, transporting, storing, and selling natural gas; fractionating, transporting, storing, exporting, and selling natural gas liquids; and gathering, transporting, stabilizing, storing, and trans-loading crude oil, and condensate.
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