Equitrans Midstream Co. (NYSE:ETRN) Stake Boosted by Oppenheimer Asset Management Inc.

Posted by Defense World Staff on Feb 26th, 2023

Oppenheimer Asset Management Inc. grew its stake in shares of Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 112.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,348 shares of the company’s stock after purchasing an additional 14,464 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Equitrans Midstream were worth $205,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Brown Advisory Inc. grew its holdings in shares of Equitrans Midstream by 10.9% during the third quarter. Brown Advisory Inc. now owns 28,427 shares of the company’s stock valued at $213,000 after purchasing an additional 2,796 shares during the last quarter. Columbus Hill Capital Management L.P. acquired a new position in shares of Equitrans Midstream during the third quarter worth approximately $5,656,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Equitrans Midstream during the third quarter worth approximately $960,000. Dimensional Fund Advisors LP boosted its position in shares of Equitrans Midstream by 4.0% during the third quarter. Dimensional Fund Advisors LP now owns 11,044,422 shares of the company’s stock worth $82,612,000 after buying an additional 426,655 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Equitrans Midstream by 51.8% during the third quarter. Tower Research Capital LLC TRC now owns 43,082 shares of the company’s stock worth $323,000 after buying an additional 14,693 shares during the period. 93.50% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on ETRN shares. Barclays reduced their price objective on Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 18th. The Goldman Sachs Group downgraded Equitrans Midstream from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $9.50 to $6.00 in a research report on Tuesday, January 31st. Wells Fargo & Company downgraded Equitrans Midstream from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $12.00 to $8.00 in a research report on Friday, December 16th. Royal Bank of Canada cut their target price on Equitrans Midstream from $10.00 to $9.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 2nd. Finally, Citigroup began coverage on Equitrans Midstream in a research report on Thursday, December 8th. They issued a “neutral” rating and a $8.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.69.

Equitrans Midstream Price Performance

Shares of NYSE:ETRN opened at $6.23 on Friday. Equitrans Midstream Co. has a one year low of $5.90 and a one year high of $9.90. The stock has a fifty day moving average of $6.84 and a 200-day moving average of $7.88. The company has a market capitalization of $2.70 billion, a PE ratio of -8.65, a price-to-earnings-growth ratio of 4.92 and a beta of 1.95. The company has a debt-to-equity ratio of 4.91, a quick ratio of 0.61 and a current ratio of 0.94.

Equitrans Midstream (NYSE:ETRN – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The company reported $0.13 EPS for the quarter, meeting analysts’ consensus estimates of $0.13. Equitrans Midstream had a positive return on equity of 14.20% and a negative net margin of 18.77%. The company had revenue of $355.24 million during the quarter, compared to the consensus estimate of $336.26 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. The company’s quarterly revenue was up 44.0% compared to the same quarter last year. As a group, equities analysts anticipate that Equitrans Midstream Co. will post 0.49 EPS for the current fiscal year.

Equitrans Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Monday, February 6th were given a dividend of $0.15 per share. The ex-dividend date was Friday, February 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.63%. Equitrans Midstream’s dividend payout ratio (DPR) is presently -83.33%.

Equitrans Midstream Company Profile

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Equitrans Midstream Corp. has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. It focuses on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. The company operates through the following segments: Gathering, Transmission and Water.