Enable Midstream Partners (NYSE:ENBL) Reaches New 12-Month Low Following Analyst Downgrade
Enable Midstream Partners LP (NYSE:ENBL)’s share price reached a new 52-week low during trading on Wednesday after Wells Fargo & Co lowered their price target on the stock from $15.00 to $12.00. Wells Fargo & Co currently has a market perform rating on the stock. Enable Midstream Partners traded as low as $9.59 and last traded at $9.59, with a volume of 8076 shares. The stock had previously closed at $9.65.
Several other research firms have also commented on ENBL. UBS Group reduced their price target on Enable Midstream Partners from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Royal Bank of Canada set a $15.00 price target on Enable Midstream Partners and gave the company a “hold” rating in a report on Wednesday, August 7th. ValuEngine downgraded Enable Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday. Zacks Investment Research upgraded Enable Midstream Partners from a “sell” rating to a “hold” rating in a report on Friday, August 9th. Finally, TheStreet downgraded Enable Midstream Partners from a “b-” rating to a “c+” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.43.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Alps Advisors Inc. increased its holdings in shares of Enable Midstream Partners by 37.9% in the 3rd quarter. Alps Advisors Inc. now owns 10,772,567 shares of the pipeline company’s stock valued at $129,594,000 after acquiring an additional 2,960,918 shares during the last quarter. Brookfield Asset Management Inc. lifted its position in shares of Enable Midstream Partners by 96.5% in the 2nd quarter. Brookfield Asset Management Inc. now owns 4,153,853 shares of the pipeline company’s stock worth $56,949,000 after acquiring an additional 2,039,707 shares during the period. UBS Group AG lifted its position in shares of Enable Midstream Partners by 3.9% in the 2nd quarter. UBS Group AG now owns 2,857,554 shares of the pipeline company’s stock worth $39,177,000 after acquiring an additional 107,436 shares during the period. Eagle Global Advisors LLC lifted its position in shares of Enable Midstream Partners by 0.7% in the 2nd quarter. Eagle Global Advisors LLC now owns 2,748,630 shares of the pipeline company’s stock worth $37,684,000 after acquiring an additional 18,560 shares during the period. Finally, Kayne Anderson Capital Advisors LP bought a new stake in shares of Enable Midstream Partners in the 3rd quarter worth approximately $16,673,000. Institutional investors and hedge funds own 18.82% of the company’s stock.
Enable Midstream Partners (NYSE:ENBL) last announced its quarterly earnings data on Wednesday, November 6th. The pipeline company reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. Enable Midstream Partners had a return on equity of 7.65% and a net margin of 17.36%. The company had revenue of $699.00 million during the quarter, compared to the consensus estimate of $890.64 million. During the same quarter last year, the company earned $0.30 EPS. The company’s quarterly revenue was down 24.7% on a year-over-year basis. Sell-side analysts anticipate that Enable Midstream Partners LP will post 1.03 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 19th will be given a $0.331 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 13.51%. This is an increase from Enable Midstream Partners’s previous quarterly dividend of $0.32. Enable Midstream Partners’s dividend payout ratio (DPR) is currently 118.92%.
Enable Midstream Partners Company Profile (NYSE:ENBL)
Enable Midstream Partners, LP owns, operates, and develops midstream energy infrastructure assets in the United States. The company operates in two segments, Gathering and Processing; and Transportation and Storage. The Gathering and Processing segment provides natural gas gathering, processing, and fractionation services in the Anadarko, Arkoma, and Ark-La-Tex basins, as well as crude oil gathering services in the Bakken Shale formation of the Williston Basin for its producer customers.
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