NEW YORK (TheStreet) -- Shares of EnLink Midstream Partners (ENLK) were falling 10.4% to $24.13 on heavy trading volume Wednesday after the oil and gas company announced the pricing of a secondary offering of common units sold by a subsidiary of Devon Energy (DVN) - Get Report.

Enlink Midstream Partners priced the 22.8 million common units sold by the Devon Energy subsidiary at $25.71 a common unit. The underwriters of the offering have a 30-day option to buy up to 3.42 million additional common units from the Devon Energy subsidiary at the same price.

The offering is expected to close on or close to March 30. Enlink Midstream Partners will not receive any proceeds from the offering.

About 2.8 million shares of EnLink Midstream Partners were traded by 9:37 a.m., above the average trading volume of about 453,000 shares a day.

TheStreet Ratings team rates ENLINK MIDSTREAM PARTNERS LP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate ENLINK MIDSTREAM PARTNERS LP (ENLK) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and compelling growth in net income. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• ENLK's very impressive revenue growth greatly exceeded the industry average of 19.6%. Since the same quarter one year prior, revenues leaped by 65.1%. Growth in the company's revenue appears to have helped boost the earnings per share.
• The current debt-to-equity ratio, 0.42, is low and is below the industry average, implying that there has been successful management of debt levels. Along with the favorable debt-to-equity ratio, the company maintains an adequate quick ratio of 1.09, which illustrates the ability to avoid short-term cash problems.
• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Oil, Gas & Consumable Fuels industry. The net income increased by 124.3% when compared to the same quarter one year prior, rising from $23.00 million to $51.60 million.
• Net operating cash flow has significantly increased by 1316.30% to $92.40 million when compared to the same quarter last year. In addition, ENLINK MIDSTREAM PARTNERS LP has also vastly surpassed the industry average cash flow growth rate of -11.68%.
• ENLINK MIDSTREAM PARTNERS LP has shown improvement in its earnings for its most recently reported quarter when compared with the same quarter a year earlier. The company has demonstrated a pattern of positive earnings per share growth over the past two years. However, we anticipate underperformance relative to this pattern in the coming year. During the past fiscal year, ENLINK MIDSTREAM PARTNERS LP increased its bottom line by earning $0.60 versus $0.00 in the prior year. For the next year, the market is expecting a contraction of 4.2% in earnings ($0.58 versus $0.60).
• You can view the full analysis from the report here: ENLK Ratings Report