Raymond James downgraded EnLink Midstream (ENLC) to Market Perform from Outperform without a price target. The firm says the recent run in EnLink’s share price likely sufficiently compensates investors for the probability-weighted premium Oneok (OKE) could pay. There remains the probability that Oneok could pay up and pay more for EnLink, but there is also a reasonable argument that the $14.90 per share GIP received should be on the high end of what Oneok pays, the analyst tells investors in a research note.
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