Market Overview

UPDATE: Bank of America Resumes Coverage on EnLink Midstream LLC Following DVN Deal Close

Share:

In a report published Thursday, Bank of America analyst Gabe Moreen resumed coverage on EnLink Midstream LLC (NYSE: ENLC) with a Neutral rating and $38.00 price target.

In the report, Bank of America noted, “On 21 October 2013, Devon Energy Corp (DVN), CrossTex Energy, LP (legacy XTEX) and CrossTex Energy, Inc. (legacy XTXI) announced the merger of DVN's midstream assets with XTEX and XTXI to form ENLK and ENLC, respectively. Shares of legacy XTXI have rallied since the announcement, outperforming peers (total return of +78% versus a 4% for the AMZX index)...Despite its attractive dividend growth potential, we resume coverage of ENLC with a Neutral rating (from a prior Neutral rating on XTXI) as we believe ENLC's low current yield of 1.6% leaves little room for additional yield compression and ENLC may face material incremental tax headwinds in the medium-term.”

EnLink Midstream LLC closed on Wednesday at $36.40.

Latest Ratings for ENLC

DateFirmActionFromTo
Oct 2019MaintainsNeutral
Oct 2019DowngradesBuyNeutral
Sep 2019MaintainsBuy

View More Analyst Ratings for ENLC
View the Latest Analyst Ratings

Posted-In: Bank of America Gabe MoreenAnalyst Color Initiation Analyst Ratings

 

Related Articles (ENLC)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
SWKSCascendReiterates100.0
IBMWells FargoMaintains140.0
PNCWells FargoMaintains147.0
TWOUDA DavidsonMaintains17.0
IDYAOppenheimerInitiates Coverage On17.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Gogo Posts Better-Than-Expected Q4 Results, Gives Okay Guidance

UPDATE: Stifel Downgrades EPL Oil & Gas Following Acquisition Announcement