EnLink Midstream LLC [NYSE: ENLC] slipped around -0.29 points on Tuesday, while shares priced at $4.61 at the close of the session, down -5.92%. The company report on February 19, 2021 that Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® MLP High Income Index.
Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® MLP High Income Index (the “Index”). On December 14, 2020, Index constituent TC PipeLines, LP (NYSE: TCP) entered into an Agreement and Plan of Merger (“Merger Agreement”) with TC Energy Corporation (NYSE: TRP) and affiliated companies that would result in TCP common units ceasing to be publicly traded, subject to the approval of the holders of TCP common units. A special meeting of the unitholders of TCP will be held on February 26, 2021, for the purpose of voting on the Merger Agreement. Per the Index’s methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on February 26, 2021, and effective on March 1, 2021, EnLink Midstream, LLC (NYSE: ENLC) will replace TCP as a constituent of the Index at TCP’s then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
EnLink Midstream LLC stock is now 24.26% up from its year-to-date (YTD) trading value. ENLC Stock saw the intraday high of $4.885 and lowest of $4.60 per share. The company’s 52-week high price is 5.14, which means current price is +28.77% above from all time high which was touched on 03/08/21.
Compared to the average trading volume of 3.14M shares, ENLC reached a trading volume of 2943446 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about EnLink Midstream LLC [ENLC]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ENLC shares is $4.06 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ENLC stock is a recommendation set at 3.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
JP Morgan have made an estimate for EnLink Midstream LLC shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on February 16, 2021. The new note on the price target was released on November 30, 2020, representing the official price target for EnLink Midstream LLC stock. Previously, the target price had yet another drop from $2.50 to $1, while Credit Suisse kept a Underperform rating on ENLC stock.
The Average True Range (ATR) for EnLink Midstream LLC is set at 0.29, with the Price to Sales ratio for ENLC stock in the period of the last 12 months amounting to 0.55. The Price to Book ratio for the last quarter was 1.51, with the Price to Cash per share for the same quarter was set at 0.09. Price to Free Cash Flow for ENLC in the course of the last twelve months was 10.87.
How has ENLC stock performed recently?
EnLink Midstream LLC [ENLC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.54. With this latest performance, ENLC shares gained by 9.76% in over the last four-week period, additionally plugging by 72.66% over the last 6 months – not to mention a rise of 142.63% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ENLC stock in for the last two-week period is set at 55.07, with the RSI for the last a single of trading hit 54.36, and the three-weeks RSI is set at 55.32 for EnLink Midstream LLC [ENLC]. The present Moving Average for the last 50 days of trading for this stock 4.17, while it was recorded at 4.76 for the last single week of trading, and 3.22 for the last 200 days.
EnLink Midstream LLC [ENLC]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and EnLink Midstream LLC [ENLC] shares currently have an operating margin of +10.51 and a Gross Margin at +13.15. EnLink Midstream LLC’s Net Margin is presently recorded at -10.76.
Return on Total Capital for ENLC is now 4.97, given the latest momentum, and Return on Invested Capital for the company is -6.60. Return on Equity for this stock declined to -23.30, with Return on Assets sitting at -4.52. When it comes to the capital structure of this company, EnLink Midstream LLC [ENLC] has a Total Debt to Total Equity ratio set at 313.45. Additionally, ENLC Total Debt to Total Capital is recorded at 75.81, with Total Debt to Total Assets ending up at 52.32. Long-Term Debt to Equity for the company is recorded at 288.94, with the Long-Term Debt to Total Capital now at 69.88.
Reflecting on the efficiency of the workforce at the company, EnLink Midstream LLC [ENLC] managed to generate an average of -$394,294 per employee. Receivables Turnover for the company is 7.65 with a Total Asset Turnover recorded at a value of 0.42.EnLink Midstream LLC’s liquidity data is similarly interesting compelling, with a Current Ratio set at 0.70.
Earnings analysis for EnLink Midstream LLC [ENLC]
With the latest financial reports released by the company, EnLink Midstream LLC posted -0.59/share EPS, while the average EPS was predicted by analysts to be reported at 0.05/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -1,280.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ENLC.
Insider trade positions for EnLink Midstream LLC [ENLC]
There are presently around $930 million, or 82.00% of ENLC stock, in the hands of institutional investors. The top three institutional holders of ENLC stocks are: INVESCO LTD. with ownership of 45,729,797, which is approximately -0.865% of the company’s market cap and around 1.00% of the total institutional ownership; ALPS ADVISORS INC, holding 33,136,669 shares of the stock with an approximate value of $162.37 million in ENLC stocks shares; and CHICKASAW CAPITAL MANAGEMENT LLC, currently with $89.91 million in ENLC stock with ownership of nearly 11.583% of the company’s market capitalization.
Positions in EnLink Midstream LLC stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 67 institutional holders increased their position in EnLink Midstream LLC [NYSE:ENLC] by around 22,925,007 shares. Additionally, 81 investors decreased positions by around 20,570,146 shares, while 26 investors held positions by with 146,254,497 shares. The mentioned changes placed institutional holdings at 189,749,650 shares, according to the latest SEC report filing. ENLC stock had 22 new institutional investments in for a total of 3,813,767 shares, while 27 institutional investors sold positions of 5,860,721 shares during the same period.