BofA Merrill May Have Just Lost Faith in EnLink Midstream (NYSE:ENLC)


EnLink Midstream (NYSE:ENLC) Receives a Downgrade

Shares of EnLink Midstream (NYSE:ENLC) were cut to a Neutral by analysts at BofA Merrill. ENLC’s rating of a Buy has been discontinued.

From a total of 10 analysts covering EnLink Midstream LLC (NYSE:ENLC) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $29 while the lowest target price is $18. The mean of all analyst targets is $23.6 with a 101.17% above today’s ($13.67) stock price. EnLink Midstream LLC was the topic of 17 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on November 5 with “Sector Perform” rating. Wunderlich maintained shares with “Buy” rating and $29 target share price in a report from an August 6. UBS upgraded ENLC stock in a recent report from September 9 to “Buy” rating. Finally, Citigroup initiated the stock with “Buy” rating in a report issued on an August 11.

Approximately 156,409 shares of stock traded hands. EnLink Midstream LLC (NYSE:ENLC) has declined 56.42% since May 18, 2015 and is downtrending. It has underperformed by 50.61% the S&P500.

Enlink Midstream, LLC is a limited liability company. The company has a market cap of $2.37 billion. The Company’s assets consist of equity interests in EnLink Midstream Partners, LP and EnLink Midstream Holdings, LP (Midstream Holdings). It currently has negative earnings. The Partnership is a publicly traded limited partnership engaged in the gathering, transmission, processing and marketing of natural gas and natural gas liquids (NGLs), condensate and crude oil, as well as providing crude oil, condensate and brine services to producers.

According to Zacks Investment Research, “Enlink Midstream LLC is independent midstream energy. The Company is involved in natural gas gathering, treating, processing, transmission, distribution, supply and marketing, and crude oil marketing. Enlink Midstream LLC, formerly known as Crosstex Energy Inc., is based in headquartered in Dallas, Texas.”