EnLink Midstream LLC (NYSE: ENLC) stock jumped 1.12% on Thursday to $12.61 against a previous-day closing price of $12.47. With 1.55 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.36 million shares. During the session, the Oil & Gas Midstream company that operates in wider Energy sector, reached to the highest price of $12.72 whereas the lowest price it dropped to was $12.47. The 52-week range on ENLC shows that it touched its highest point at $13.58 and its lowest point at $8.04 during that stretch. It currently has a 1-year price target of $13.80. With its current market cap of 5.78 billion, ENLC has annualized dividend of $0.50 while the current yield stands at 3.97%. Beta for the stock currently stands at 2.44.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ENLC was up-trending over the past week, with a rise of 1.61%, but this was up by 8.61% over a month. Three-month performance surged to 23.75% while six-month performance rose 21.25%. The stock gained 25.85% in the past year, while it has gained 2.52% so far this year. A look at the trailing 12-month EPS for ENLC yields 0.74 with Next year EPS estimates of 0.68. For the next quarter, that number is 0.12. This implies an EPS growth rate of -31.10% for this year and 32.04% for next year.
Float and Shares Shorts:
At present, 462.70 million ENLC shares are outstanding with a float of 239.81 million shares on hand for trading. On Aug 30, 2023, short shares totaled 13.13 million, which was 2.84% higher than short shares on Jul 30, 2023.
Through their ownership of 92.42% of ENLC’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 50.81% of ENLC, in contrast to 28.57% held by mutual funds. Shares owned by individuals account for 15.88%. As the largest shareholder in ENLC with 8.20% of the stake, ALPS Advisors, Inc. holds 38,188,900 shares worth 38,188,900. A second-largest stockholder of ENLC, Invesco Advisers, Inc., holds 27,709,446 shares, controlling over 5.95% of the firm’s shares. Tortoise Capital Advisors LLC is the third largest shareholder in ENLC, holding 16,361,454 shares or 3.51% stake. With a 8.12% stake in ENLC, the Alerian MLP ETF is the largest stakeholder. A total of 37,855,767 shares are owned by the mutual fund manager. The Invesco SteelPath MLP Income Fund, which owns about 3.77% of ENLC stock, is the second-largest Mutual Fund holder. It holds 17,582,821 shares valued at 203.96 million. Invesco SteelPath MLP Select 40 F holds 1.65% of the stake in ENLC, owning 7,693,017 shares worth 89.24 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, ENLC reported revenue of $2.60B and operating income of $179.20M. The EBITDA in the recently reported quarter was $178.20M and diluted EPS was $0.17.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ENLC since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ENLC analysts setting a high price target of $17.00 and a low target of $12.00, the average target price over the next 12 months is $13.91. Based on these targets, ENLC could surge 34.81% to reach the target high and fall by -4.84% to reach the target low. Reaching the average price target will result in a growth of 10.31% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded ENLC stock several times over the past three months with 0 Buys and 1 Sells. In these transactions, 0 shares were bought while 40,000 shares were sold. The number of buy transactions has increased to 11 while that of sell transactions has risen to 13 over the past year. The total number of shares bought during that period was 1,073,298 while 879,935 shares were sold.