EnLink Midstream names Pablo Mercado as new CFO » 08:0907/1307/13/20
EnLink Midstream (ENLC)…
EnLink Midstream (ENLC) announced the appointment of Pablo Mercado as its new Executive Vice President and CFO and a member of EnLink's Executive Leadership Team, effective immediately. Mercado has over 20 years of experience in finance and corporate development in the energy industry. Most recently, he was CFO for Forum Energy Technologies (FET).
|Over a month ago|
EnLink Midstream lowers 2020 net loss view to ($222M)-($123M) » 17:4205/0705/07/20
Lowers Sees 2020 CapEx…
Lowers Sees 2020 CapEx $190M-$250M. Sees 2020 adjusted EBITDA $950M-$1.03B.
EnLink Midstream reports Q1 EPS (59c), consensus 5c » 17:4005/0705/07/20
Reports Q1 revenue…
Reports Q1 revenue $1.15B, consensus $1.66B. CEO Barry Davis said, "We have acted swiftly and decisively in response to the evolving business climate and have taken steps to retain roughly $600M of cash flow in 2020 to manage liquidity, sustain balance sheet strength, and maintain leverage below our covenant".
EnLink Midstream price target lowered to $2.50 from $7 at Mizuho » 06:3905/0605/06/20
Mizuho analyst Gabriel…
Mizuho analyst Gabriel Moreen lowered the firm's price target on EnLink Midstream to $2.50 from $7 and keeps a Neutral rating on the shares. The company has notable exposure to dry gas basins that should fare relatively better in the current environment, but its Permian and mid-continental positioning face challenges in the current backdrop, Moreen tells investors in a research note.
|Over a quarter ago|
EnLink Midstream downgraded to Underperform from Neutral at Credit Suisse » 05:3904/0204/02/20
Credit Suisse analyst…
Credit Suisse analyst Spiro Dounis downgraded EnLink Midstream to Underperform from Neutral with a price target of $1, down from $2.50. Producer budget cuts will drive lower volumes in the company's key regions, Dounis tells investors in a research note.
EnLink Midstream cuts quarterly distribution by 50%, provides strategy update » 06:1403/2403/24/20
EnLink Midstream announced an update regarding its financial strategy, including a reduction in its quarterly common unit distribution and additional reductions in operating and general and administrative expenses. EnLink's board has approved a reduction in its quarterly common unit distribution to 9.38c per unit, from 18.75c per unit paid for Q4, reflecting a 50% reduction. This reduction results in approximately $185M of additional cash available to EnLink for FY20, which it intends to apply towards liquidity preservation and balance sheet management. EnLink continues to identify and implement numerous expense reduction initiatives and is currently targeting $50M of incremental expense savings across its cost structure during 2020, which is in addition to the expense savings initiated during Q4. On March 17, EnLink announced a 30% reduction in 2020 total capital expenditures, net to EnLink, which will result in approximately $115M of incremental 2020 cash flow based on the midpoint of EnLink's latest guidance range. Furthermore, EnLink continues to evaluate additional reductions to capital expenditures, excluding maintenance expenditures, as a significant portion of EnLink's 2020 capital expenditures is flexible and can be managed according to producer activity. EnLink exited 2019 with a $1.75B unsecured revolving credit facility, upon which only approximately $350M was drawn, and no near-term debt maturities. EnLink's unsecured revolving credit facility is backed by 21 global financial institutions, and 17 of those institutions are lenders of EnLink's term loan, which does not mature until December 2021. In the event capital markets remain challenging, EnLink has the option of repaying the term loan by drawing on the unsecured revolving credit facility, which matures in early 2024, with no impact to leverage metrics or covenant calculations. EnLink's first maturity on its senior notes is during the first quarter of 2024. Approximately 35% of EnLink's outstanding senior notes have a remaining tenor of more than 20 years, and all outstanding senior notes are unsecured.
EnLink Midstream downgraded to Underweight from Equal Weight at Barclays » 05:0703/2403/24/20
Barclays analyst Christine Cho downgraded EnLink Midstream to Underweight from Equal Weight with a $1 price target.
EnLink Midstream cuts FY20 cap-ex view to $225M-$285M from $315M-$425M » 06:3603/1703/17/20
EnLink Midstream announced that, in response to recent commodity price and market volatility, it has reduced its FY20 total capital expenditures, net to EnLink guidance by approximately 30%. EnLink is reducing capital expenditures related to well connection and associated gathering infrastructure and is deferring several growth projects across its platform. This immediate reduction in FY20 capital expenditures, net to EnLink was primarily driven by several of EnLink's key customers decreasing drilling and completions activity in response to the current oil price environment. EnLink's revised FY20 total capital expenditures guidance, net to EnLink, which includes both growth and maintenance capital expenditures, is $225M-$285M, compared to the previously announced range of $315M-$425M. This reflects a reduction of approximately $115M at the midpoint and is approximately 60% lower than actual 2019 total capital expenditures, net to EnLink. EnLink maintains its previously announced plan to fully self-fund all capital expenditures during 2020 with internally generated cash flows, and has no plans to access the capital markets during 2020. The revised capital expenditures guidance allows EnLink to continue its capital investment program to serve customers who it believes will continue to be active in this environment, including XTO Energy and Venture Global LNG. EnLink maintains flexibility to further adjust its capital expenditures as customers adjust their plans and market conditions change. EnLink continues to work closely with customers to evaluate near-term and long-term impacts to EnLink's business and is prepared to make further adjustments to its capital program, as necessary. In parallel, EnLink is undertaking an in-depth review of all aspects of its cost structure and uses of cash flow given the reduced commodity price and producer activity environment, including the effect of these factors on other elements of EnLink's FY20 guidance.
EnLink Midstream downgraded to Market Perform from Outperform at Raymond James » 07:5203/1203/12/20
Raymond James analyst…
Raymond James analyst Justin Jenkins downgraded EnLink Midstream to Market Perform from Outperform. With lowered estimates, Jenkins says he now forecasts meaningfully higher leverage than before, and as such, sees more risk to the business and distribution. The analyst says he would consider an upgrade of the stock in the event of expense/capex reductions, asset sales, and even a distribution cut that gives the market more visibility into financial flexibility.
EnLink Midstream downgraded to Market Perform from Outperform at Raymond James » 06:1303/1203/12/20
Raymond James analyst…
Raymond James analyst Justin Jenkins downgraded EnLink Midstream to Market Perform from Outperform.