Equitrans Midstream Co. (NYSE:ETRN) Shares Purchased by Bank of New York Mellon Corp

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp boosted its holdings in Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 7.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,371,190 shares of the company’s stock after buying an additional 494,733 shares during the period. Bank of New York Mellon Corp owned 1.70% of Equitrans Midstream worth $55,136,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP raised its holdings in shares of Equitrans Midstream by 198.4% in the 3rd quarter. Allworth Financial LP now owns 3,638 shares of the company’s stock worth $27,000 after purchasing an additional 2,419 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Equitrans Midstream in the 2nd quarter worth about $32,000. Chilton Capital Management LLC purchased a new position in shares of Equitrans Midstream in the 2nd quarter worth about $36,000. Captrust Financial Advisors raised its holdings in shares of Equitrans Midstream by 50.6% in the 2nd quarter. Captrust Financial Advisors now owns 6,682 shares of the company’s stock worth $42,000 after purchasing an additional 2,244 shares during the period. Finally, Wipfli Financial Advisors LLC purchased a new position in shares of Equitrans Midstream in the 3rd quarter worth about $49,000. 93.50% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Wells Fargo & Company downgraded Equitrans Midstream from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $12.00 to $8.00 in a report on Friday, December 16th. The Goldman Sachs Group downgraded Equitrans Midstream from a “buy” rating to a “sell” rating and dropped their target price for the company from $9.50 to $6.00 in a report on Tuesday, January 31st. Citigroup started coverage on Equitrans Midstream in a report on Thursday, December 8th. They set a “neutral” rating and a $8.00 target price on the stock. Finally, Barclays dropped their target price on Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 18th. Three equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, Equitrans Midstream has a consensus rating of “Hold” and a consensus price target of $7.50.

Equitrans Midstream Price Performance

ETRN stock opened at $5.73 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 4.91. Equitrans Midstream Co. has a 52-week low of $5.64 and a 52-week high of $9.90. The stock’s 50 day moving average is $6.72 and its two-hundred day moving average is $7.64. The company has a market capitalization of $2.49 billion, a PE ratio of -7.96, a P/E/G ratio of 5.11 and a beta of 1.96.

Equitrans Midstream (NYSE:ETRN – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The company reported $0.13 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 for the quarter, compared to the consensus estimate of $336.26 million. During the same period in the previous year, the business earned ($0.07) EPS. Equitrans Midstream’s revenue for the quarter was up 44.0% compared to the same quarter last year. Analysts predict that Equitrans Midstream Co. will post 0.46 earnings per share for the current fiscal year.

Equitrans Midstream Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Monday, February 6th were given a $0.15 dividend. The ex-dividend date was Friday, February 3rd. This represents a $0.60 annualized dividend and a dividend yield of 10.47%. Equitrans Midstream’s payout ratio is -83.33%.

About Equitrans Midstream

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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.