Citi raised the firm’s price target on EnLink Midstream to $16 from $13 and keeps a Buy rating on the shares. The anlayst also opened a “30-day positive catalyst watch” on the shares. The firm modestly increased its Oklahoma outlook to show modest growth in 2025-2026 and reflect what could be a stronger natural gas market. Second, the analyst now expects EnLink to take a lighter capex approach to carbon capture, transportation, and sequestration. The company is currently re-evaluating the Pecan Island project and could shift its focus to more economic projects available, the analyst tells investors in a research note. Citi expects any excess cash flow not spent on CCS to be deployed to the buyback program this year. It sees a positive CCS commercial update and the Pecan Island project with the Q1 report on May 1.
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