Wells Fargo analyst Michael Blum downgraded EnLink Midstream (ENLC) to Equal Weight from Overweight with a price target of $15, down from $16. Oneok (OKE) is buying GIP’s controlling stake in EnLink and 100% of Medallion Midstream in a transaction as a positive for both Oneok and EnLink Midstream. The firm expects the a buyout offer of $14.90 per share for EnLink Midstream by Q1of 2025, implying an annualized return of 8% from here. The take out price is reasonable, Wells contends.
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Read More on ENLC:
- Oneok to acquire GIP interest in EnLink Midstream for $14.90 per unit
- ONEOK to Acquire Medallion and Controlling Interest in EnLink from Global Infrastructure Partners in Transactions Valued at $5.9 Billion
- EnLink Midstream price target raised to $16 from $15 at Morgan Stanley
- EnLink Midstream upgraded to Buy from Hold at TPH&Co.
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