EnLink (ENLC): Note from Stifel on Feb 20

[dan_s]

EnLink Midstream LLC (ENLC, $11.39, Buy; Target $13.00) - ENLC: 4Q18 Initial Take – In Line - Timothy D. Howard at Stifel- EnLink Midstream LLC (ENLC, $11.39, Buy) reported 4Q18 earnings in line with our estimates. We estimate ENLC consolidated Adjusted EBITDA of $282 million compared to our estimate of $283 million and a consensus of $281 million. We note the partnership actually reported ENLK Adjusted EBITDA, although we backed into a consolidated ENLC with the information provided and management’s 2018 consolidated Adjusted EBITDA table. ENLC declared a distribution per unit (DPU) of $0.275, a 1.5% increase from the prior quarter and in line with our estimate. We estimate distribution coverage for the consolidated entity of approximately 1.5x.