Fintel reports that on March 22, 2024, Capital One initiated coverage of EnLink Midstream (NYSE:ENLC) with a Overweight recommendation.

Analyst Price Forecast Suggests 9.64% Upside

As of March 11, 2024, the average one-year price target for EnLink Midstream is 14.48. The forecasts range from a low of 13.13 to a high of $17.85. The average price target represents an increase of 9.64% from its latest reported closing price of 13.21.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for EnLink Midstream is 11,730MM, an increase of 70.51%. The projected annual non-GAAP EPS is 0.85.

EnLink Midstream Declares $0.13 Dividend

On January 16, 2024 the company declared a regular quarterly dividend of $0.13 per share ($0.53 annualized). Shareholders of record as of January 29, 2024 received the payment on February 9, 2024. Previously, the company paid $0.12 per share.

At the current share price of $13.21 / share, the stock's dividend yield is 4.01%.

Looking back five years and taking a sample every week, the average dividend yield has been 9.54%, the lowest has been 3.47%, and the highest has been 70.75%. The standard deviation of yields is 8.29 (n=234).

The current dividend yield is 0.67 standard deviations below the historical average.

Additionally, the company's dividend payout ratio is 1.16. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.41%, demonstrating that it has increased its dividend over time.

What is the Fund Sentiment?

There are 319 funds or institutions reporting positions in EnLink Midstream. This is an increase of 16 owner(s) or 5.28% in the last quarter. Average portfolio weight of all funds dedicated to ENLC is 0.62%, a decrease of 0.34%. Total shares owned by institutions decreased in the last three months by 0.70% to 322,206K shares. The put/call ratio of ENLC is 0.07, indicating a bullish outlook.

What are Other Shareholders Doing?

AMLP - ALERIAN MLP ETF holds 42,930K shares representing 9.54% ownership of the company. In it's prior filing, the firm reported owning 38,270K shares, representing an increase of 10.86%. The firm increased its portfolio allocation in ENLC by 12.82% over the last quarter.

Alps Advisors holds 41,475K shares representing 9.22% ownership of the company. In it's prior filing, the firm reported owning 42,390K shares, representing a decrease of 2.20%. The firm decreased its portfolio allocation in ENLC by 8.18% over the last quarter.

Invesco holds 23,571K shares representing 5.24% ownership of the company. In it's prior filing, the firm reported owning 26,735K shares, representing a decrease of 13.42%. The firm decreased its portfolio allocation in ENLC by 22.48% over the last quarter.

Goldman Sachs Group holds 15,964K shares representing 3.55% ownership of the company. In it's prior filing, the firm reported owning 15,778K shares, representing an increase of 1.17%. The firm decreased its portfolio allocation in ENLC by 76.28% over the last quarter.

Tortoise Capital Advisors, L.l.c. holds 15,962K shares representing 3.55% ownership of the company. In it's prior filing, the firm reported owning 16,960K shares, representing a decrease of 6.26%. The firm decreased its portfolio allocation in ENLC by 5.13% over the last quarter.

Enlink Midstream Background Information
(This description is provided by the company.)

EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Its purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for its employees, customers, and investors.