EnLink Midstream (NYSE: ENLC) stock has reached a 52-week high of $14.82, marking a 16.53% increase over the past year. This growth reflects boosted investor confidence, driven by the company’s strategic moves in the energy sector.
In related news, the new Matterhorn Express pipeline has increased U.S. oil production and reduced natural gas bottlenecks in West Texas. While this is beneficial for local gas prices and oil producers, the pipeline’s full capacity is expected next year, which may limit long-term relief.
EnLink Midstream has undergone leadership changes after ONEOK (NYSE: OKE) acquired 43% of the company. This brought new directors to EnLink’s Board, with Pierce H. Norton II as Chairman.
EnLink’s Q3 EBITDA is projected at $325 million, slightly lower than the $330 million expected. Following the acquisition news, analysts downgraded its stock rating. ONEOK continues to maintain a quarterly dividend of 99 cents per share, reaffirming a Buy rating on EnLink with a target price of $15.00.
InvestingPro Insights
EnLink’s performance has been strong, currently trading at 99.53% of its 52-week high with a 24.87% year-to-date return. The company has maintained dividends for 11 years, raising them for the past 3, resulting in a 3.6% yield.
However, the stock’s high P/E ratio of 45.31 suggests it may be overpriced relative to earnings, reflecting high market growth expectations. For deeper insights, InvestingPro offers additional analysis on EnLink’s financial health.
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