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EnLink Midstream Partners Could Gain Upward Momentum

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EnLink Midstream Partners Could Gain Upward Momentum PART 1 OF 10

EnLink Midstream Partners Could Gain Upward Momentum

Recent market performance

EnLink Midstream Partners (ENLK) is mainly involved in natural gas gathering and processing, NGLs (natural gas liquids) logistics, and crude oil gathering services. It has risen 7.5% in the past month following a massive correction in August 2017. At the same time, the Alerian MLP ETF (AMLP), which is comprised of 25 energy MLPs, rose 3.9%. EnLink Midstream Partners’ recent gains could be due to the recovery in crude oil prices. The partnership has relatively high crude oil exposure through its natural gas midstream and crude oil marketing business.

Crude oil has continued to trade over $50 per barrel in the past week. The recent crude oil rally could be attributed to the rise in demand and concerns about lower crude oil supply. For a recent update on crude oil, read How Turkey, Trump, and Inventories Are Affecting Crude Oil.

EnLink Midstream Partners Could Gain Upward Momentum

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YTD performance

So far, 2017 has been a rollercoaster ride for EnLink Midstream Partners. It had a good start to the year with YTD (year-to-date) gains reaching ~5% by early March. However, the gains turned into losses by the end of the month. It recovered slightly by the end of April 2017, but the recovery was short-lived. Since then, EnLink Midstream Partners has remained in negative territory. Overall, EnLink Midstream Partners has lost 12.0% since the beginning of 2017. Enable Midstream Partners (ENBL), DCP Midstream (DCP), and Western Gas Partners (WES) have lost 3.5%, 11.1%, and 13.2% YTD. At the same time, AMLP has lost 10.0%. EnLink Midstream Partners is underperforming AMLP by 200 basis points YTD. Its underperformance could be due to its relatively high crude oil exposure and lower throughput volumes in some regions.

Series overview

In this series, we’ll discuss whether EnLink Midstream Partners can gain upward momentum following the gains in the past month. We’ll analyze the partnership’s operating performance, throughput volumes, cash flow measures, and financial position. We’ll discuss EnLink Midstream Partners’ valuations, technical indicators, institutional ownership, and analysts’ recommendations.

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