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EnLink Midstream (ENLC) Panoramica del titolo
EnLink Midstream, LLC fornisce servizi energetici midstream negli Stati Uniti. Maggiori dettagli
| Punteggio fiocco di neve | |
|---|---|
| Valutazione | 1/6 |
| Crescita futura | 5/6 |
| Prestazioni passate | 1/6 |
| Salute finanziaria | 1/6 |
| Dividendi | 2/6 |
Premi
Analisi del rischio
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Analyst Price Targets
Concorrenti di EnLink Midstream, LLC
Storia dei prezzi e prestazioni
| Prezzi storici delle azioni | |
|---|---|
| Prezzo attuale dell'azione | US$14.12 |
| Massimo di 52 settimane | US$16.40 |
| Minimo di 52 settimane | US$11.55 |
| Beta | 2.37 |
| Variazione di 1 mese | -0.21% |
| Variazione a 3 mesi | -4.01% |
| Variazione di 1 anno | 17.57% |
| Variazione a 3 anni | 74.11% |
| Variazione a 5 anni | 177.41% |
| Variazione dall'IPO | -61.42% |
Notizie e aggiornamenti recenti
Recent updates
Nuova analisi • Aug 28
Tiger II Plant And Decisive Expansions Set To Ignite Growth In The Energy Sector
Expansion in the Permian and Louisiana indicates a strategy focused on increasing natural gas processing and storage capacities to meet market demands.Seeking Alpha • May 03
EnLink Midstream: A Mixed Q1 Given A Mixed Asset Base
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. Read the full article on Seeking AlphaSeeking Alpha • Feb 26
EnLink Midstream: Bullish Thesis Still Intact
Summary EnLink Midstream reported year-end numbers in line with expectations, with adjusted EBITDA rising to $1350MM for 2023. The company's distributable cash flow has remained flat for two years and is expected to remain flat in 2024. EnLink experienced a loss of $40MM in EBITDA due to legacy contract resets in their North Texas and Oklahoma gathering and processing segments. Despite the near-term headwinds, growth in their Permian and Louisiana segments will build healthy profits over the next 5 years. Read the full article on Seeking AlphaSeeking Alpha • Dec 02
EnLink Midstream: Deleveraging Itself And Driving Value Expansion
Summary EnLink Midstream's shares have seen impressive growth but may be overvalued, with little value to be had at the current price. The company operates in key basins in the US, allowing it to tap into various energy potentials and enhance its strategic strength. EnLink Midstream is expanding into carbon capture and storage markets, which could provide additional EBITDA and income growth in the future. Read the full article on Seeking AlphaSeeking Alpha • Sep 11
EnLink Midstream: Low Yield, But Some Growth In CCS Business
Summary EnLink Midstream operates in hydrocarbon-rich basins in the south central US, including the Anadarko and Permian basins. The company's low yield of 4.00% is a drawback compared to its peers in the midstream sector. EnLink Midstream's growth potential lies in its carbon capture and storage technology, which has driven its strong market performance. The company has a very strong balance sheet with a limited amount of debt. The company should not have any difficulty sustaining its distribution going forward. Read the full article on Seeking AlphaSeeking Alpha • Jun 27
EnLink Midstream: Riding The Wave Of LNG Export Growth
Summary EnLink's EBITDA growth is dependent on finding enough projects or acquisitions that meet their investment threshold, with potential growth in the LNG export market. The massive LNG buildout in the US will have profound implications for Enlink and other midstream companies, with the potential for increased firm transportation fees and storage capacity expansion. ENLC's future looks bright with a recommendation to buy in the $9-10/unit price range, as their assets in Louisiana, Oklahoma, and the Barnett region will benefit from the increased demand for natural gas. Read the full article on Seeking AlphaSeeking Alpha • Feb 24
EnLink: Buy The Dip
Summary EnLink reported record profits in 2022, up 22% YoY led by massive growth in the Permian and higher natural gas prices. EBITDA will grow to $1355MM in 2023, but much of that growth will be consumed by higher expenses. Their project roster will eventually drive their EBITDA to $1.4 billion. They purchased Tall Oak's Midcon system in Oklahoma which adds a lot of value to their existing footprint. EnLink is still undervalued. Their strong buyback program is closing that valuation gap in a hurry. In mid-February, EnLink (ENLC) reported a record 2022 full year performance, with their adjusted EBITDA, net to EnLink coming in at $1285MM, a new record. This grew 22% YoY which is also a record. But it wasn't all roses - their guidance for 2023 showed additional EBITDA growth of $1355MM at the midpoint of the guide, but nearly all that growth is being gobbled up by higher interest and maintenance expenditures and slightly higher preferred equity payouts. Also, recent 13F data shows some large institutions took profits in the 4th quarter, suggesting that in the near term, EnLink will be rangebound. Nevertheless, EnLink remains a buy on any pullback of $1.50 to $3 from the recent peak of $13.58. Swing traders can buy the dip and resell the highs as the stock price oscillates. Long term investors can add to their position in the $10.58 to $12.08 range. There is a ton of data to unpack, so let's get started. Enlink's Permian Assets Extraordinary Rise Net of plant relocation OPEX and unrealized derivative gains, EnLink poured in $414.5MM in 2022 segment profits from their Permian assets versus $262.3MM in 2021 - a massive 58% rise due to higher volumes, exceptionally high natural gas prices, reduced natural gas hedging and higher volumes on their crude gathering assets. Volumes on their natural gas assets rose from Q4 2021 to Q4 2022 by 31% and their crude volumes came in 16% higher, so the volume growth was certainly the largest contributor to higher profits - roughly 2/3rd of the 58% uplift in segment profit is attributable to higher volumes. The next contributor to higher profits in the Permian were natural gas prices which soared close to $10/MMbtu (Henry Hub) in August of 2022 before pulling back. Henry Hub Daily Natural Gas Prices ((EIA)) Relative to 2021's realized natural gas prices, roughly 1/3 of the $152.2MM rise in segment profit for the Permian footprint is due to higher natural gas prices. Although a lot of the volume in the Permian is fee based, they have a significant exposure to natural gas prices on the Midland side of the basin. Instead of paying a fixed fee based on volumes, some producers who contract with EnLink pay a portion of what they owe in the form of natural gas. They call these contracts precent-of-proceeds or POP. By my estimation, EnLink receives roughly 125MMcf/d from its producers in lieu of dollars and nearly all of this comes from the Permian. EnLink's Natural Gas Hedging What EnLink did in the face of rising natural gas prices in 2022 shows some skill: EnLink's Natural Gas Hedging (Enlink's quarterly and annual reports) As natural gas prices rose to the $4 handle, they reduced their hedging exposure significantly. They let out the sail and rode the wind of higher natural gas prices. By Q1 of 2022, they hedged only 14% of their exposed natural gas volumes and only for the next two quarters. Then when natural gas prices took off in Q2 and Q3, they increased their hedges substantially for the following quarters. Contrary to running a programmatic hedging program, they responded brilliantly, locking in higher natural gas prices as they peaked in Q2 and Q3 of last year, securing additional cash flow for 2023 (and beyond). Although prices for the natural gas have collapsed to the $2 per MMbtu range in early 2023, EnLink hedged 96% of their 2023 exposure at higher prices such that a 50 cent rise or fall in natural gas prices only moves their profits up or down by $1MM. With a warmer winter, the continued outage at the Freeport LNG export terminal and higher US output, US natural gas inventories have swelled over their 5-year average, crushing prices. US Natural Gas Storage Report (EIA Natural Gas Weekly) Freeport will ramp back up to 2 Bcf/d over the coming months and large natural gas producers are expected to pull some drilling rigs - both actions should help support natural gas prices, but one thing is for sure, prices won't repeat their 2022 super performance and Enlink's Permian profit growth won't see the same level of uplift, despite the robust volume increases expected for 2023. I estimate that EnLink will realize $18.3MM less in segment profit in 2023 in their Permian footprint due to lower realized natural gas prices in 2023 versus 2022. Although they've hedged their 2023 natural gas exposure, it is hedged at lower prices than their realized prices for 2022. 2023 Guide The guide shows a rise from $1285MM in 2022 to $1355MM in 2023 at the midpoint, but nearly all that growth is being gobbled up by higher interest and maintenance expenditures and slightly higher preferred equity payouts. EnLink's 2023 Guidance (at the midpoint) (Enlink's Q4 Earnings Presentation) Interest expenses are up by $35.5MM versus 2022. This is due to a rise in the level of debt from $4,381MM at the end of 2021 to $4,764MM at the end of 2022 - a rise of $383MM YoY primarily because they financed two deals: The Crestwood acquisition in the Barnett and a new purchase in Northern Oklahoma (more on this below). They also refinanced $700MM of their near-term debt at higher rates (6.5% for 2030 notes versus 4.14% and 4.4% for 2024 and 2025 notes). In addition, their maintenance capex rises by $25MM YoY to $70MM. On the earnings call, Enlink's CFO, Ben Lamb, explained that this rise in maintenance CAPEX is due to an extensive amount of compressor maintenance and isn't indicative of a new run-rate. The preferred equity rises by an additional $3MM despite the fact that they purchased $19MM worth of Series C preferred stock at a discount of $0.80 on the dollar. The yield on the Series C rises to 8.8463% from a fixed 6% as of December 15th 2022. The new rate on Series C is now variable - 4.11% plus the 3-month Libor rate which is currently 4.7363%. Since rising rates impact the 3-month Libor rate, EnLink can expect to pay higher payouts. Although EnLink is growing in 2023, much of that growth is being consumed by higher expenses elsewhere. DCF and Growth CAPEX Their 2022 Distributable Cash Flow came in at $908MM in 2022 and this will grow to $915MM at the midpoint of the guide. The distribution rises by $0.05 to $0.50 per unit. Growth CAPEX including plant relocation expenses rises by $54MM to $365MM for 2023. Much of that 2023 growth CAPEX spend will be realized in future years: EnLink's Growth Capex Spend for forward years (Author with Data from Enlink) They will spend another $50MM for their 15% share of the massive 2.5Bcf/d Matterhorn Express natural gas pipeline project (bringing the total spend to $114MM) and $25MM for their share of their Gulf Coast Fractionator maintenance which is scheduled to restart in 2024. They will spend $30MM net to EnLink to move their newly acquired Cowtown plant from the Barnett to the Delaware basin. That move along with other synergies have driven their $275MM Crestwood acquisition to well below a 3x EBITDA multiple. We discussed the $20MM expansion of the Venture Global LNG project in our previous article. The Exxon Mobile Carbon Transport project will soak up $40MM in 2023 and another $160MM in 2024 generating a total estimated EBITDA return of $25MM (we'll provide more details on this project in a future article). Given all the spend for 2023, their Free Cash Flow after distributions drops to $240MM (at the midpoint of the guide) versus $312MM in 2022. Looking at segment profit guidance by region: EnLink's 2023 Segment Profit by Region (Enlink's Q4 Earnings Presentation) The Permian segment profit is still growing but not at quickly for the reasons stated above. Louisiana is estimated to lose some profits. Some of the extensive natural gas marketing opportunities that appeared in Q3 and Q4 of 2022 and created record segment profits for their Louisiana gas segment are forecasted to fade in 2023. They have a large natural gas system in Louisiana with multiple receipt and delivery points and storage facilities, and the large, flexible system allows them to occasionally take advantage of market dislocations. In 2022, they moved a lot of gas for their neighbors, solving a lot of their problems - buying, storing and selling gas. In addition, earlier in 2022, they opportunistically pulled rich natural gas from neighboring pipelines and processed it for near record margins. Those margins faded almost overnight. Occasionally, the market hands midstream businesses extraordinary short-term opportunities, and EnLink capitalized on them, however, Ben Lamb doesn't expect those opportunities to repeat in 2023, so consider 2022 a banner year for Louisiana. Their Ohio River Valley (ORV) crude and condensate business (which is counted in their Louisiana segment) came in exceptionally low in the 4th quarter clocking in at just $1.9MM due to unfavorable margins, and this weakness may leak into 2023. The segment profit for the ORV crude business drops to $22MM for 2022 versus $30MM in 2021 and $35MM in 2020 - poor margins and lower volumes on some ORV assets are to blame. The shift in volumes on their ORV assets may be permanent given that they sold $12MM worth of ORV's compression equipment in Q4. ORV has yet to fully recover post-Covid. North Texas is coming in flat as expected and Oklahoma loses a bit of steam because the crash in prices for the NGL barrel and natural gas prices may slowly reduce drilling in that patch in the 2nd half, although volumes are still expected to rise by double digits due in part to a recent acquisition. Rather than double digit segment profit growth, we are seeing only an 8% increase in segment profits, and that's inclusive of their recent Oklahoma purchase which adds $19MM for 2023. What did EnLink buy for Christmas? EnLink purchased another tuck-in gathering and processing system, this time in Northern Oklahoma for $101MM including working capital. Tall Oak's Midcon System (Enlink's Investor Day Presentation) This is Tall Oak's Midcon system which stretches across 9 counties in Northern Oklahoma. If the Tall Oak name sounds familiar, it's because EnLink paid roughly $1.4 billion in 2015-2016 for Tall Oak's core gathering and processing system in the STACK and CNOW regions. Here are the details on the Midcon system according to Tall Oak's website and Enlink's annual report and earnings release: 1,000 miles of low- and high-pressure gas gathering lines. Two processing plants: the operational Redcliff Cryogenic natural gas Plant in Woodward county which can process up to 220 MMcf/d and the non-operational 60 MMcf/d Carmen plant in Alfalfa county (not shown in the image) 80 MMcf/d is currently being gathered and treated on this system. 2023 estimated EBITDA is $19MM The system has seen some drilling activity since the purchase closed in December These tuck-in systems offer a lot of value to EnLink. There is 140 MMcf/d of spare capacity on the Redcliff gas plant which EnLink can use to offload some of their growing volumes in their Oklahoma footprint. The system fully integrates with Enlink's system with minimal CAPEX spend. It ties their Dewey county gathering assets to their overall system (with minimal CAPEX spend) and over time, the larger system will allow them to daisy-chain additional tuck-in assets that make sense and come available at the right price.Rendimenti per gli azionisti
| ENLC | US Oil and Gas | US Mercato | |
|---|---|---|---|
| 7D | -4.4% | -3.4% | 3.2% |
| 1Y | 17.6% | 35.2% | 31.0% |
Ritorno vs Industria: ENLC ha superato il US Oil and Gas che ha restituito 35.2 % nell'ultimo anno.
Rendimento vs Mercato: ENLC ha avuto una performance inferiore al mercato US che ha registrato un rendimento 31 % nell'ultimo anno.
Volatilità dei prezzi
| ENLC volatility | |
|---|---|
| ENLC Average Weekly Movement | 3.3% |
| Oil and Gas Industry Average Movement | 6.0% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in US Market | 16.1% |
| 10% least volatile stocks in US Market | 3.2% |
Prezzo delle azioni stabile: ENLC non ha avuto una volatilità dei prezzi significativa negli ultimi 3 mesi rispetto al mercato US.
Volatilità nel tempo: La volatilità settimanale ( 3% ) di ENLC è rimasta stabile nell'ultimo anno.
Informazioni sull'azienda
| Fondato | I dipendenti | AMMINISTRATORE DELEGATO | Sito web |
|---|---|---|---|
| 2013 | 1,072 | Jesse Arenivas | www.enlink.com |
EnLink Midstream, LLC fornisce servizi energetici midstream negli Stati Uniti. La società opera attraverso i segmenti Permian, Louisiana, Oklahoma, North Texas e Corporate. Si occupa di raccolta, compressione, trattamento, lavorazione, trasporto, stoccaggio e vendita di gas naturale; frazionamento, trasporto, stoccaggio e vendita di liquidi di gas naturale; raccolta, trasporto, stabilizzazione, stoccaggio, trasbordo e vendita di petrolio greggio e condensato, oltre a fornire servizi di smaltimento della salamoia.
EnLink Midstream, LLC Riepilogo dei fondamenti
| ENLC statistiche fondamentali | |
|---|---|
| Capitalizzazione di mercato | US$6.91b |
| Utili (TTM) | US$100.10m |
| Ricavi(TTM) | US$6.65b |
64.5x
Rapporto P/E1.0x
Rapporto P/SENLC è sopravvalutato?
Vedi Fair Value e analisi di valutazioneUtili e ricavi
| ENLC Conto economico (TTM) | |
|---|---|
| Ricavi | US$6.65b |
| Costo del fatturato | US$4.60b |
| Profitto lordo | US$2.05b |
| Altre spese | US$1.95b |
| Utili | US$100.10m |
Ultimi utili riportati
Sep 30, 2024
Prossima data di guadagno
n/a
| Utile per azione (EPS) | 0.22 |
| Margine lordo | 30.83% |
| Margine di profitto netto | 1.50% |
| Rapporto debito/patrimonio netto | 268.1% |
Come si è comportato ENLC nel lungo periodo?
Vedi performance storica e confrontoDividendi
3.8%
Rendimento attuale del dividendo240%
Rapporto di remunerazioneAnalisi aziendale e situazione dei dati finanziari
| Dati | Ultimo aggiornamento (ora UTC) |
|---|---|
| Analisi dell'azienda | 2025/01/30 23:09 |
| Prezzo dell'azione a fine giornata | 2025/01/30 00:00 |
| Utili | 2024/09/30 |
| Utili annuali | 2023/12/31 |
Fonti dei dati
I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.
| Pacchetto | Dati | Tempistica | Esempio Fonte USA * |
|---|---|---|---|
| Dati finanziari della società | 10 anni |
| |
| Stime di consenso degli analisti | +3 anni |
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| Prezzi di mercato | 30 anni |
| |
| Proprietà | 10 anni |
| |
| Gestione | 10 anni |
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| Sviluppi principali | 10 anni |
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* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.
Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.
Modello di analisi e Snowflake
I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.
Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.
Metriche di settore e industriali
Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.
Fonti analitiche
EnLink Midstream, LLC è coperta da 13 analisti. 5 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.
| Analista | Istituzione |
|---|---|
| Ethan Bellamy | Baird |
| Dennis Coleman | BofA Global Research |
| Akil Marsh | Brean Capital Historical (Janney Montgomery) |