EnLink Midstream LLC [ENLC] stock Upgrade by Morgan Stanley analyst, price target now $9

EnLink Midstream LLC [NYSE: ENLC] gained 9.86% or 0.97 points to close at $10.81 with a heavy trading volume of 6243785 shares. The company report on August 16, 2022 that EnLink Midstream Announces Pricing of Upsized Offering of $700 Million of Senior Notes Due 2030.

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EnLink Midstream, LLC (NYSE: ENLC) (EnLink) today announced the pricing of its upsized offering of $700.0 million aggregate principal amount of 6.500% senior notes due September 2030 (the Senior Notes) at a price of 100% of their face value. The Senior Notes will be fully and unconditionally guaranteed on a senior basis by EnLink Midstream Partners, LP (ENLK), a subsidiary of EnLink. The sale of the Senior Notes is expected to close on August 31, 2022, subject to customary conditions. The offering size was increased from the previously announced offering size of $500.0 million aggregate principal amount of the Senior Notes.

EnLink intends to use the net proceeds from this offering, together with existing corporate liquidity, to fund the repurchase of up to $500.0 million in aggregate principle amount of (i) the $502.3 million outstanding aggregate principal amount of ENLK’s 4.40% senior notes due 2024, (ii) the $717.2 million outstanding aggregate principal amount of ENLK’s 4.15% senior notes due 2025, and (iii) the $491.0 million outstanding aggregate principal amount of ENLK’s 4.85% senior notes due 2026 (collectively, the ENLK Notes) pursuant to tender offers (the Tender Offers) that commenced concurrently with this offering, to pay fees and expenses incurred in connection with such senior notes repurchases, or for general corporate purposes. The Tender Offers are being made solely pursuant to the Offer to Purchase dated August 16, 2022.

It opened the trading session at $9.97, the shares rose to $11.14 and dropped to $9.97, the range by which the price of stock traded the whole day. The daily chart for ENLC points out that the company has recorded 25.84% gains over the past six months. However, it is still -126.15% lower than its most recent low trading price.

If we look at the average trading volume of 2.34M shares, ENLC reached to a volume of 6243785 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $11.71 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 2.70. 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.

Morgan Stanley have made an estimate for EnLink Midstream LLC shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on January 07, 2022. The new note on the price target was released on June 14, 2021, representing the official price target for EnLink Midstream LLC stock. Previously, the target price had yet another raise to $5, while RBC Capital Mkts analysts kept a Sector Perform rating on ENLC stock. On April 23, 2021, analysts increased their price target for ENLC shares from 4.50 to 6.

The Average True Range (ATR) for EnLink Midstream LLC is set at 0.45, with the Price to Sales ratio for ENLC stock in the period of the last 12 months amounting to 0.58. The Price to Book ratio for the last quarter was 4.03, with the Price to Cash per share for the same quarter was set at 0.04. Price to Free Cash Flow for ENLC in the course of the last twelve months was 10.58 with Quick ratio for the last quarter at 1.00.

Trading performance analysis for ENLC stock

EnLink Midstream LLC [ENLC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.97. With this latest performance, ENLC shares gained by 14.63% in over the last four-week period, additionally plugging by 25.84% over the last 6 months – not to mention a rise of 113.64% 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 70.12, with the RSI for the last a single of trading hit 77.81, and the three-weeks RSI is set at 64.28 for EnLink Midstream LLC [ENLC]. The present Moving Average for the last 50 days of trading for this stock 9.25, while it was recorded at 9.99 for the last single week of trading, and 8.77 for the last 200 days.

EnLink Midstream LLC [ENLC]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and EnLink Midstream LLC [ENLC] shares currently have an operating margin of +8.43 and a Gross Margin at +10.00. EnLink Midstream LLC’s Net Margin is presently recorded at +0.33.

Return on Equity for this stock inclined to 1.59, with Return on Assets sitting at 0.25.

EnLink Midstream LLC’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.10.

An analysis of insider ownership at EnLink Midstream LLC [ENLC]

There are presently around $2,196 million, or 89.20% of ENLC stock, in the hands of institutional investors. The top three institutional holders of ENLC stocks are: ALPS ADVISORS INC with ownership of 47,705,457, which is approximately -3.383% of the company’s market cap and around 1.30% of the total institutional ownership; INVESCO LTD., holding 29,405,124 shares of the stock with an approximate value of $317.87 million in ENLC stocks shares; and CHICKASAW CAPITAL MANAGEMENT LLC, currently with $185.84 million in ENLC stock with ownership of nearly -6.255% of the company’s market capitalization.

Positions in EnLink Midstream LLC stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 84 institutional holders increased their position in EnLink Midstream LLC [NYSE:ENLC] by around 16,686,689 shares. Additionally, 83 investors decreased positions by around 17,947,731 shares, while 41 investors held positions by with 168,533,549 shares. The mentioned changes placed institutional holdings at 203,167,969 shares, according to the latest SEC report filing. ENLC stock had 21 new institutional investments in for a total of 1,740,061 shares, while 20 institutional investors sold positions of 774,687 shares during the same period.


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