In a report published Thursday, Bank of America analyst Gabe Moreen resumed coverage on EnLink Midstream LLC 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in