What happened Shares of EnLink Midstream (NYSE: ENLC) plunged as much as 13.4% in trading Wednesday after the company reported fourth-quarter 2020 financial results. Shares clawed back some of those losses late in the day and were down 6.7% at 3:10 p.m. EST. So what Revenue fell 7.9% to $1.06 billion and net loss improved from $938.7 million a year ago to $151.4 million, or $0.31 per share. Analysts were expecting a profit of $0.02 per share. Image source: Getty Images. Management highlighted that adjusted EBITDA was a positive $262 million in the quarter and $1.04 billion for the year. And a new notes offering in December allowed the company to repay $500 million of its $850 million term loan that matures in December. Now what The energy business has recovered from its depths in spring 2020, but EnLink is still losing money and that's not a great sign. There's now a risk that oil demand is peaking in the U.S. as EVs grow and more people work from home. That could put a cap on the upside for a midstream company like this and with losses mounting that doesn't mode well for this oil stock going forward. 10 stocks we like better than EnLink MidstreamWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and EnLink Midstream wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source