Why did EnLink Midstream LLC (ENLC) stock nosedive on Friday?

0
303
SBUX Stock
SBUX Stock

EnLink Midstream LLC (ENLC) shares plunged 8.80% in after-hours on Friday, January 21, 2022, and closed the weekly trading at $6.94. Even in the regular trading session of Friday, ENLC’s stock lost 1.68%. ENLC shares have risen 90.25% over the last 12 months, and they have moved down 1.17% in the past week. Over the past three months, the stock has lost 8.31%, while over the past six months, it has soared 35.17%.

Let’s have a brief discussion about its recent news.

ENLC upcoming financial results announcement

On EnLink Midstream, LLC (ENLC) (EnLink) will host a webcast and conference call on Wednesday, February 16, at 8 a.m. Central Time to discuss its fourth quarter and full-year 2021 earnings, along with 2022 financial guidance.

ENLC dividend declaration

On January 18, 2022, the board of directors of EnLink Midstream, LLC (ENLC) declared a cash distribution of $0.1125 per common unit for the fourth quarter of 2021, which represents an increase of 20% from the third quarter 2021 distribution. The fourth quarter 2021 cash distribution will be paid on February 11, 2022, to unitholders of record on January 31, 2022.

ENLC new appointment

On December 20, 2021, EnLink Midstream, LLC (ENLC) announced the appointment of Tiffany (TJ) Thom Cepak to its Board of Directors.

As a result of Cepak’s appointment, the Board will have nine directors, two of whom are women. She will join the Board’s Audit and Conflicts Committees.

ENLC update on Common and Preferred Unit Repurchase

On December 20, 2021, EnLink Midstream, LLC (ENLC) provided an update on common and preferred unit repurchases.

The company commenced the share repurchase program in November 2020 and EnLink Board of Directors authorized the repurchase of up to $100 million of outstanding common units. EnLink has continued to repurchase common units in the fourth quarter of 2021.

EnLink has repurchased approximately 6.5 million outstanding common units in open market purchases, for an aggregate cost, including commissions, of $41.3 million, or an average of $6.38 per common unit. The Board of Directors has also reauthorized EnLink’s common unit repurchase program and reset the amount available for repurchases of outstanding common units at up to $100 million effective January 1, 2022.

ENLC latest financial results

On November 2, 2021, EnLink Midstream, LLC (ENLC) reported financial results for the third quarter of 2021.

Q3 2021 financial highlights

  • ENLC reported total revenue of $1.78 billion for the third quarter of 2021 compared to $928.5 million for Q3 2020.
  • Total operating costs and expenses were $1.69 billion compared to $828 million in Q3 2020.
  • It reported a net income of $32.3 million for Q3 2021 compared to $39 million for Q3 2020.
  • Adjusted EBITDA, was $256.4 million for the third quarter of 2021 compared to $262 million for Q3 2020.

Conclusion

Well, as of this writing, there is no recent news or development to justify its poor performance on Friday. we hope that it will perform well on Monday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here