Enlink Midstream Board Authorized New $200M Unit Repurchase Plan For 2024;Increased Quarterly Distribution For Q4 Of 2023 To $0.1325 Per Common Unit
Portfolio Pulse from Charles Gross
EnLink Midstream, LLC (ENLC) has announced the completion of its 2023 common unit repurchase program and the authorization of a new $200 million repurchase plan for 2024. Additionally, ENLC increased its quarterly distribution for Q4 of 2023 to $0.1325 per common unit, reflecting a 6% increase from the previous quarter. The company also updated its financial policy to target a long-term leverage ratio of 3.5x debt-to-EBITDA. A webcast and conference call to discuss Q4 and full-year 2023 earnings, along with 2024 financial guidance, is scheduled for February 21.
January 16, 2024 | 10:10 pm
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POSITIVE IMPACT
EnLink Midstream completed its 2023 buyback program and authorized a new $200M repurchase for 2024. It also increased its Q4 2023 distribution by 6% and updated its financial policy to a 3.5x debt-to-EBITDA leverage target.
The completion of the 2023 buyback program and the announcement of a new repurchase plan for 2024, along with an increased quarterly distribution, are positive signals to investors that could lead to a short-term increase in ENLC's stock price. The commitment to a specific leverage target may also be viewed positively as it indicates a focus on financial stability.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100