ENLC - EnLink Midstream: A Mixed Q1 Given A Mixed Asset Base
2024-05-03 12:24:29 ET
Summary
- EnLink Midstream shares have been performing well due to stock buybacks, focus on the Permian, and growth in the LNG export business.
- Q1 earnings missed expectations due to lower natural gas prices, poor winter weather, and weakness in two markets, but management reaffirmed guidance.
- The Permian and Louisiana regions are EnLink's strongest segments, while Oklahoma and North Texas are struggling.
Units of EnLink Midstream ( ENLC ) have been a solid performer over the past year as it has been buying back stock, pivoting to the Permian, and seeing growth in Louisiana thanks to the growth in the LNG export business. With an over 7% capital return yield, I view ENLC as attractive after its recent pullback, even with a mixed Q1....
EnLink Midstream: A Mixed Q1 Given A Mixed Asset Base