EnLink Midstream (ENLC) Announces Quarterly Dividend of $0.26
EnLink Midstream (NYSE:ENLC) announced a quarterly dividend on Thursday, April 19th, RTT News reports. Stockholders 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 dividend on an annualized basis 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 by an average of 17.4% annually over the last three years. EnLink Midstream has a payout ratio of 340.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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%.
NYSE:ENLC opened at $14.70 on Friday. The company has a market cap of $2,658.98, a PE ratio of 367.50 and a beta of 2.47. EnLink Midstream has a fifty-two week low of $13.80 and a fifty-two week high of $20.00. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.64.
A number of analysts have recently weighed in on the company. Jefferies Group reissued a “hold” rating and set a $16.00 price objective on shares of EnLink Midstream in a research note on Friday, January 12th. Bank of America dropped their price objective on EnLink Midstream from $17.00 to $15.00 and set a “neutral” rating for the company in a research note on Tuesday, March 27th. B. Riley assumed coverage on EnLink Midstream in a research note on Friday, January 26th. They set a “neutral” rating and a $18.00 price objective for the company. Robert W. Baird set a $16.00 price objective on EnLink Midstream and gave the company a “hold” rating in a research note on Tuesday, February 27th. Finally, Seaport Global Securities set a $14.00 price objective on EnLink Midstream and gave the company a “hold” rating in a research note on Monday, April 9th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $17.29.
A hedge fund recently raised its stake in EnLink Midstream stock. The Manufacturers Life Insurance Company increased its holdings in EnLink Midstream (NYSE:ENLC) by 11.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,684 shares of the pipeline company’s stock after acquiring an additional 599 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in EnLink Midstream were worth $100,000 as of its most recent filing with the Securities & Exchange Commission. 33.67% of the stock is currently owned by hedge funds and other institutional investors.
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About EnLink Midstream
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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