First Trust Advisors LP Acquires 288,102 Shares of Equitrans Midstream Co. (NYSE:ETRN)

Posted by on May 28th, 2023

First Trust Advisors LP lifted its holdings in shares of Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 68.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 710,769 shares of the company’s stock after acquiring an additional 288,102 shares during the period. First Trust Advisors LP owned approximately 0.16% of Equitrans Midstream worth $4,762,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. HighTower Advisors LLC lifted its holdings in Equitrans Midstream by 24.9% during the 4th quarter. HighTower Advisors LLC now owns 37,322 shares of the company’s stock valued at $250,000 after purchasing an additional 7,446 shares during the last quarter. UBS Group AG lifted its holdings in Equitrans Midstream by 20.3% during the 4th quarter. UBS Group AG now owns 1,957,120 shares of the company’s stock valued at $13,113,000 after purchasing an additional 329,611 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in Equitrans Midstream by 26.3% during the 4th quarter. Duff & Phelps Investment Management Co. now owns 52,900 shares of the company’s stock valued at $354,000 after purchasing an additional 11,000 shares during the last quarter. Donoghue Forlines LLC lifted its holdings in Equitrans Midstream by 107.6% during the 4th quarter. Donoghue Forlines LLC now owns 59,269 shares of the company’s stock valued at $397,000 after purchasing an additional 30,721 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Equitrans Midstream by 30.8% during the 4th quarter. Van ECK Associates Corp now owns 139,901 shares of the company’s stock valued at $937,000 after purchasing an additional 32,922 shares during the last quarter. 93.50% of the stock is owned by institutional investors.

Equitrans Midstream Stock Performance

ETRN stock opened at $6.09 on Friday. The company has a debt-to-equity ratio of 4.81, a current ratio of 1.03 and a quick ratio of 1.03. The company has a 50 day moving average price of $5.25 and a 200 day moving average price of $6.37. Equitrans Midstream Co. has a fifty-two week low of $4.60 and a fifty-two week high of $9.90. The stock has a market capitalization of $2.64 billion, a PE ratio of -8.46, a price-to-earnings-growth ratio of 0.81 and a beta of 1.95.

Equitrans Midstream (NYSE:ETRN – Get Rating) last issued its earnings results on Tuesday, May 2nd. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.14 by $0.08. The company had revenue of $376.30 million during the quarter, compared to analysts’ expectations of $360.73 million. Equitrans Midstream had a negative net margin of 18.27% and a positive return on equity of 18.92%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. Analysts forecast that Equitrans Midstream Co. will post 0.52 EPS for the current year.

Equitrans Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, May 5th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 9.85%. The ex-dividend date was Thursday, May 4th. Equitrans Midstream’s payout ratio is -83.33%.

Insider Buying and Selling at Equitrans Midstream

In other Equitrans Midstream news, CFO Kirk R. Oliver bought 9,000 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was bought at an average price of $5.46 per share, for a total transaction of $49,140.00. Following the transaction, the chief financial officer now owns 39,118 shares of the company’s stock, valued at approximately $213,584.28. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Analyst Upgrades and Downgrades

ETRN has been the subject of several analyst reports. Barclays cut their price target on shares of Equitrans Midstream from $8.00 to $6.00 and set an “equal weight” rating for the company in a report on Monday, April 10th. Raymond James initiated coverage on shares of Equitrans Midstream in a report on Friday, April 21st. They set a “market perform” rating for the company. The Goldman Sachs Group cut shares of Equitrans Midstream from a “buy” rating to a “sell” rating and lowered their price objective for the company from $9.50 to $6.00 in a research report on Tuesday, January 31st. Finally, Citigroup reduced their target price on shares of Equitrans Midstream from $8.00 to $6.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 4th. Three analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to data from MarketBeat, Equitrans Midstream presently has an average rating of “Hold” and a consensus price target of $7.00.

About Equitrans Midstream

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Equitrans Midstream Corp. engages in the provision of midstream services. It operates through the following segments: Gathering, Transmission, and Water. The Gathering segment includes EQM’s high-pressure gathering lines and FERC-regulated low-pressure gathering lines. The Transmission segment refers to the EQM’s FERC-regulated interstate pipelines and storage system.

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Institutional Ownership by Quarter for Equitrans Midstream (NYSE:ETRN)

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