ENLC - EnLink Midstream, LLC

NYSE - Nasdaq Real Time Price. Currency in USD
4.4850
+0.0050 (+0.11%)
As of 1:19PM EST. Market open.
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Previous Close4.4800
Open4.4500
Bid4.5000 x 3100
Ask4.5100 x 800
Day's Range4.3600 - 4.5150
52 Week Range4.3300 - 13.1000
Volume2,733,039
Avg. Volume5,301,855
Market Cap2.187B
Beta (5Y Monthly)2.00
PE Ratio (TTM)N/A
EPS (TTM)-0.6260
Earnings DateFeb 24, 2020
Forward Dividend & Yield1.03 (22.69%)
Ex-Dividend DateJan 29, 2020
1y Target Est7.00
  • Moody's

    EnLink Midstream, LLC -- Moody's affirms EnLink's Ba1 CFR; downgrades GIP III Stetson I's CFR to B1

    Moody's Investors Service (Moody's) affirmed EnLink Midstream, LLC's (ENLC) Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating (PDR) and Ba1 senior unsecured notes rating. ENLC's Speculative Grade Liquidity (SGL) Rating was upgraded to SGL-2 from SGL-3. ENLC's rating outlook is stable.

  • EnLink Midstream to Participate in Investor Conference
    PR Newswire

    EnLink Midstream to Participate in Investor Conference

    EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that representatives of EnLink will attend and meet with investors at the Morgan Stanley Global Energy & Power Conference in New York City on Wednesday, March 4.

  • EnLink Midstream Partners Announces 2019 Schedule K-1 Availability
    PR Newswire

    EnLink Midstream Partners Announces 2019 Schedule K-1 Availability

    EnLink Midstream Partners, LP (the Partnership) today announced that its 2019 tax package, which includes the Schedule K-1 (Form 1065) for common unitholders and Series C Preferred Unitholders, will be available online beginning February 24, 2020. The 2019 tax package may be accessed at www.taxpackagesupport.com/EnLink. The Partnership will commence mailing tax packages during the week of February 24.

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® 30 MLP Index

    Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® 30 MLP Index (the "Index"). Per the Index's methodology guide, a constituent change due to a distribution cut will take place on the latter of the distribution ex-date or the last business day of the week that is at least five business days after the day on which the announcement is made. Due to the January 15, 2020, distribution cut announcement by EnLink Midstream, LLC (NYSE: ENLC), after the market closes on January 30, 2020, (the distribution ex-date) and effective on January 31, 2020, Oasis Midstream Partners LP (NASDAQ: OMP) will replace ENLC as a constituent of the Index at ENLC's then-current weight.

  • PR Newswire

    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 constituents of The Cushing® MLP High Income Index (the "Index"). Per the Index's methodology guide, a constituent change due to a distribution cut will take place on the latter of the distribution ex-date or the last business day of the week that is at least five business days after the day on which the announcement is made. Due to the January 15, 2020, distribution cut announcement by EnLink Midstream, LLC (NYSE: ENLC), after the market closes on January 30, 2020, (the distribution ex-date) and effective on January 31, 2020, Phillips 66 Partners LP (NYSE: PSXP) will replace ENLC as a constituent of the Index at ENLC's then-current weight.

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® MLP Market Cap Index

    Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® MLP Market Cap Index (the "Index"). Per the Index's methodology guide, a constituent change due to a distribution cut will take place on the latter of the distribution ex-date or the last business day of the week that is at least five business days after the day on which the announcement is made. Due to the January 15, 2020, distribution cut announcement by EnLink Midstream, LLC (NYSE: ENLC), after the market closes on January 30, 2020, (the distribution ex-date) and effective on January 31, 2020, USA Compression Partners, LP (NYSE: USAC) will replace ENLC as a constituent of the Index at ENLC's then-current weight.

  • EnLink’s Dividend Cut Doesn’t Go Nearly Far Enough
    Bloomberg

    EnLink’s Dividend Cut Doesn’t Go Nearly Far Enough

    (Bloomberg Opinion) -- The language around a dividend cut is necessarily delicate. Hence, EnLink Midstream LLC characterizes the 34% drop investors are about to experience as a “resetting.” The problem is EnLink has taken the delicacy thing a bit too far — and thereby garbled the message.To say this distribution cut was expected would be something of an understatement.EnLink’s problem is a familiar one among pipeline operators. Growth across much of its business has slowed, bringing high leverage and calls on its cash flow into sharp focus. New guidance suggests Ebitda will creep up a little in 2020. The old distribution would have taken half of that; interest and payments on preferreds roughly another third. That wouldn’t leave much for capital expenditure or cutting debt, which stood at 4.2 times adjusted Ebitda at the end of September (more if you layer on the preferreds).The new distribution saves just shy of $190 million a year, enabling EnLink to generate $10-$70 million of free cash flow after capex and distributions in 2020, according to the company’s own guidance. Here is where, despite EnLink having done the right thing in resetting dividends, it took its delicacy a bit too far.EnLink’s sky-high dividend yield was a signal it was distressed. The way to cure distress is to cut leverage. Even at the high end of guidance, $70 million merely scratches the surface, equivalent to less than 2% of debt outstanding at the end of September. EnLink’s own guidance suggests leverage will barely drop (and may even rise a little) this year.It is clear that, rather than diverting as much cash as possible to paying off debt, EnLink hopes to ultimately grow its way to lower leverage. On its call Thursday morning, management emphasized the first call on excess cash flow would be investing in new projects. This is why, oddly and as laid out toward the back of the latest slide deck, EnLink’s guidance is for free cash flow to actually drop in the high case for Ebitda versus the low case.The messaging here is upside down. Promises of growth, once a strong currency in energy circles, have been debased over the past five years. EnLink’s own guidance for “modest” growth in Ebitda actually encompasses $75 million of promised cost savings, which tells you how much pressure is bearing down on the underlying business.There’s a lot of history to learn from here. Back in late 2015, Kinder Morgan Inc. slashed its dividend by roughly three quarters to deal with its debt, presaging the great resetting that was to come across the midstream sector. Even then, though, Kinder tried to soften the blow by maintaining a robust capex budget centered on growing its way out from under — a budget it had to slash twice in a matter of months as it became clear that wouldn’t fly. Similarly, Plains All American Pipeline LP’s “one and done” convertible issue in early 2016 segued into what one might have called a “two and through” distribution cut — except that another, even bigger cut followed a year later. Both stocks have been dead money for much of the past four years.EnLink could have used this as an opportunity to rip off the band-aid. As it is, the 34% cut leaves the stock yielding about 13%, still at the high end in a troubled sector and looking more stressed than generous. A 65% cut would have taken that yield down to a still-robust 7% and, using the company’s own guidance, resulted in almost $220 million of free cash flow.The problem, of course, is the elephant not quite in the room called the Global Infrastructure Partners term loan. GIP took on a $1 billion loan when it bought 46% of EnLink. That stake is now worth only about $1.2 billion, not much more than the loan balance, which stood at “less than $900 million,” according to an EnLink presentation in late November.It is also serviced by distributions from EnLink (see this column from a couple of months ago for details). And this is perhaps the biggest problem with EnLink’s delicate touch. One of the questions that has dogged EnLink is whether GIP’s loan-servicing needs would trump the imperative of fixing the balance sheet. By my math, assuming a loan balance of just under $900 million, GIP needs a minimum annual payout of roughly $75 million. A 65% cut to EnLink’s distributions, while offering faster direct deleveraging, would have cut GIP’s distribution to less than $90 million — not much more than the bare minimum. At 34%, it gets $168 million.In taking the path of a smaller cut and emphasizing growth, EnLink’s strategy looks more closely aligned with its big, private-equity shareholder than the zeitgeist in the public market. Its own guidance indicates a listless 2020 for the stock, with distributions lower but leverage staying flat. Rewards are backdated to 2021 and beyond. As messages go, that sounds so 2015.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • EnLink Midstream Announces 2020 Financial Guidance, Provides Update Regarding Financial Strategy, and Declares Fourth Quarter 2019 Distribution
    PR Newswire

    EnLink Midstream Announces 2020 Financial Guidance, Provides Update Regarding Financial Strategy, and Declares Fourth Quarter 2019 Distribution

    EnLink Midstream, LLC (NYSE: ENLC) (EnLink) today announced 2020 financial guidance, provided an update regarding its financial strategy, and declared its quarterly common unit distribution for the fourth quarter of 2019.

  • MRC Global (MRC) to Benefit From Contract Wins & Projects
    Zacks

    MRC Global (MRC) to Benefit From Contract Wins & Projects

    Lucrative contract wins and projects in the Permian basin are likely to drive MRC Global's (MRC) revenues in the quarters ahead.

  • EnLink Midstream (ENLC) Catches Eye: Stock Jumps 7.7%
    Zacks

    EnLink Midstream (ENLC) Catches Eye: Stock Jumps 7.7%

    EnLink Midstream (ENLC) saw a big move last session, as its shares jumped nearly 8% on the day, amid huge volumes.

  • Is EnLink Midstream LLC (ENLC) Going To Burn These Hedge Funds ?
    Insider Monkey

    Is EnLink Midstream LLC (ENLC) Going To Burn These Hedge Funds ?

    The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 700 world-class investment firms that we track and now have access to the collective wisdom contained in […]

  • PR Newswire

    Alerian Index Series December 2019 Index Review

    Alerian announced the results of the December quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, December 20, 2019.

  • EnLink Midstream Schedules February 26 Conference Call to Discuss Fourth Quarter and Full-Year 2019 Earnings
    PR Newswire

    EnLink Midstream Schedules February 26 Conference Call to Discuss Fourth Quarter and Full-Year 2019 Earnings

    EnLink Midstream, LLC (NYSE: ENLC) (EnLink) will host a webcast and conference call on Wednesday, February 26, at 9 a.m. Central time to discuss fourth quarter and full-year 2019 results.

  • Thomson Reuters StreetEvents

    Edited Transcript of ENLC earnings conference call or presentation 8-Nov-19 3:00pm GMT

    Q3 2019 EnLink Midstream LLC Earnings Call

  • EnLink Midstream Reports Third Quarter 2019 Results, Provides Updates
    PR Newswire

    EnLink Midstream Reports Third Quarter 2019 Results, Provides Updates

    DALLAS , Nov. 7, 2019 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) reported financial results for the third quarter of 2019, updated certain 2019 full-year guidance metrics, and detailed ...

  • EnLink Midstream (ENLC) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
    Zacks

    EnLink Midstream (ENLC) Earnings Expected to Grow: What to Know Ahead of Next Week's Release

    EnLink Midstream (ENLC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • EnLink Midstream Declares Quarterly Distribution for Third Quarter 2019
    PR Newswire

    EnLink Midstream Declares Quarterly Distribution for Third Quarter 2019

    DALLAS , Oct. 15, 2019 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) today announced a quarterly declared distribution for the third quarter of 2019. The ENLC Board of Directors declared ...

  • Hedge Funds Are Betting On EnLink Midstream LLC (ENLC)
    Insider Monkey

    Hedge Funds Are Betting On EnLink Midstream LLC (ENLC)

    Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of June. At Insider Monkey, we follow nearly 750 active hedge funds and notable investors and by analyzing their 13F filings, we can determine the stocks that they are […]

  • EnLink Midstream Announces Date and Time Change for Conference Call to Discuss Third Quarter Earnings
    PR Newswire

    EnLink Midstream Announces Date and Time Change for Conference Call to Discuss Third Quarter Earnings

    DALLAS , Oct. 2, 2019 /PRNewswire/ -- EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that a conference call to discuss third quarter financial and operational results will now be held on Friday, ...

  • Moody's

    EnLink Midstream Partners, LP -- Moody's announces completion of a periodic review of ratings of EnLink Midstream, LLC

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of EnLink Midstream, LLC and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

  • EnLink Midstream (ENLC) Jumps: Stock Rises 7%
    Zacks

    EnLink Midstream (ENLC) Jumps: Stock Rises 7%

    EnLink Midstream (ENLC) saw a big move last session, as its shares jumped more than 7% on the day, amid huge volumes.

  • Thomson Reuters StreetEvents

    Edited Transcript of ENLC earnings conference call or presentation 7-Aug-19 1:00pm GMT

    Q2 2019 EnLink Midstream LLC Earnings Call