Equitrans Midstream (NYSE:ETRN) Shares Up 6.4%

Equitrans Midstream Co. (NYSE:ETRNGet Rating)’s stock price shot up 6.4% during mid-day trading on Tuesday . The company traded as high as $8.19 and last traded at $8.19. 77,390 shares changed hands during trading, a decline of 98% from the average session volume of 3,889,189 shares. The stock had previously closed at $7.70.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ETRN. Royal Bank of Canada cut their price target on shares of Equitrans Midstream from $10.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 2nd. Wells Fargo & Company cut their target price on shares of Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Monday, November 7th. Wolfe Research lowered shares of Equitrans Midstream from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, October 19th. TheStreet lowered shares of Equitrans Midstream from a “c-” rating to a “d” rating in a research note on Monday, September 26th. Finally, Bank of America lowered shares of Equitrans Midstream from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $9.00 to $6.50 in a research note on Wednesday, September 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.69.

Equitrans Midstream Price Performance

The stock has a fifty day moving average of $8.21 and a 200-day moving average of $8.02. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 4.67.

Equitrans Midstream (NYSE:ETRNGet Rating) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $331.75 million during the quarter, compared to analyst estimates of $364.03 million. Equitrans Midstream had a negative net margin of 153.15% and a positive return on equity of 8.31%. On average, sell-side analysts predict that Equitrans Midstream Co. will post 0.56 EPS for the current fiscal year.

Equitrans Midstream Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Wednesday, November 2nd were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 7.49%. The ex-dividend date of this dividend was Tuesday, November 1st. Equitrans Midstream’s payout ratio is currently -13.19%.

Institutional Investors Weigh In On Equitrans Midstream

Several hedge funds have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Equitrans Midstream by 51.4% during the first quarter. Signaturefd LLC now owns 4,114 shares of the company’s stock worth $35,000 after purchasing an additional 1,397 shares during the period. MML Investors Services LLC raised its position in Equitrans Midstream by 9.0% in the third quarter. MML Investors Services LLC now owns 17,360 shares of the company’s stock worth $130,000 after acquiring an additional 1,437 shares in the last quarter. Maverick Capital Ltd. raised its position in Equitrans Midstream by 11.8% in the first quarter. Maverick Capital Ltd. now owns 14,713 shares of the company’s stock worth $124,000 after acquiring an additional 1,558 shares in the last quarter. State of Alaska Department of Revenue raised its position in Equitrans Midstream by 2.7% in the third quarter. State of Alaska Department of Revenue now owns 60,039 shares of the company’s stock worth $449,000 after acquiring an additional 1,585 shares in the last quarter. Finally, Pathstone Family Office LLC raised its position in Equitrans Midstream by 12.7% in the third quarter. Pathstone Family Office LLC now owns 14,227 shares of the company’s stock worth $106,000 after acquiring an additional 1,606 shares in the last quarter. 92.41% of the stock is owned by institutional investors and hedge funds.

Equitrans Midstream Company Profile

(Get Rating)

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.

Further Reading

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