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Shares of Enlink Midstream Crash After Earnings Miss, CEO Departure

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Shares of Enlink Midstream Crash After Earnings Miss, CEO Departure

Shares of oil and gas midstream company Enlink Midstream (NYSE: ENLC) are down 10.8% as of 12:45 p.m. EDT today. The stock drop comes after the company reported second-quarter earnings after trading ended yesterday and announced that its CEO is stepping down.

After the close yesterday, Enlink announced a second-quarter net loss of $0.03 per share. Adjusting for a non-cash writedown in the quarter, the company reported net earnings of $0.05 per share. Not only was this below analyst expectations for the quarter but it's also down compared to this time last year.

Image source: Getty Images.

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