Why Units of EnLink Midstream Are Surging Today

Units of EnLink Midstream (NYSE: ENLC) had jumped 11% by 9:45 a.m. EST on Thursday. Fueling the energy company's rally were its third-quarter results and the launch of a unit repurchase program.

EnLink Midstream reported reasonably solid third-quarter results, given the continued turbulence in the energy market. The midstream company produced $261.6 million of adjusted EBITDA during the period, which, while flat from the year-ago period, was a 3% improvement from the second quarter. Because of that, the company remains on track to meet or exceed the high end of its $950 million to $1.025 billion guidance range.

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Source Fool.com