Stifel downgraded EnLink Midstream (ENLC) to Hold from Buy with an unchanged $15 price target after ONEOK (OKE) announced an agreement with Global Infrastructure Partners in which it would acquire its controlling interest in EnLink Midstream LLC as well as all of GIP’s interest in Medallion Midstream. These transactions exemplify the continued theme of large integrated midstream companies acquiring gathering and processing assets in order to strengthen their value chain and should benefit ONEOK by fully integrating its Permian footprint, strengthening their Mid-con presence, providing a new platform for growth in Louisiana and enhancing their financial profile over time, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ENLC:
- 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.
- EnLink Midstream files automatic mixed securities shelf
- EnLink Midstream Releases New Investor Presentation