Investors Update: EnLink Midstream Partners, LP (NYSE: ENLK)

EnLink Midstream Partners, LP (NYSE: ENLK) stock recently located move of -35.68% off 52-week high price and identified change of 21.35% away from 52-week low price. ENLK stock has been recorded -2.50% away from 50 day moving average and -20.25% away from 200 day moving average. Moving closer, we can see that shares have been trading 1.77% off 20-day moving average. It has market worth of $4244.89M and dividend yield of 12.47%.

EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC) reported that, at a unitholder special meeting held earlier today, ENLK unitholders overwhelmingly voted to approve the proposed merger agreement (dated October 21, 2018) whereby ENLC will acquire all outstanding common units of ENLK not already owned by ENLC in a unit-for-unit exchange transaction to simplify its corporate structure.

Approximately 91.7 percent of the total ENLK common units and ENLK Series B Cumulative Convertible Preferred units were voted by proxy or in person at the meeting, and, of those votes, approximately 99.7 percent voted in favor of approving the merger agreement.

“The Board of Directors and EnLink management thank the unitholders for their vote, which solidifies their confidence in the future of EnLink,” said Michael J. Garberding, EnLink President and Chief Executive Officer. “Upon close of the transaction, EnLink will have the right corporate structure, further strengthening our ability to create long-term, sustainable value. EnLink is in a strong position with our purposely built strategic asset platforms and 1,500 employees focused on serving customers and execution excellence.”

The simplification merger is expected to close on January 25, 2019. The Utilities sector company, EnLink Midstream Partners, LP noticed change of -6.08% to $12.51 along volume of 3545285 shares in recent session compared to an average volume of 1814.98K. The stock observed return of -3.47% in 5 days trading activity. The stock was at 8.78% over one month performance. ENLK’s shares are at -31.49% for the quarter and driving a -30.81% return over the course of the past year and is now at 13.62% since this point in 2018.   The average volatility for the week at 4.20% and for month was at 5.26%. There are 339.32M shares outstanding and 168.51M shares are floated in market. Right now the stock beta is 2.15. 

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