FY2023 EPS Estimates for Equitrans Midstream Co. Lowered by US Capital Advisors (NYSE:ETRN)

Posted by on Jun 5th, 2023

Equitrans Midstream Co. (NYSE:ETRN – Get Rating) – US Capital Advisors decreased their FY2023 EPS estimates for Equitrans Midstream in a report issued on Wednesday, May 31st. US Capital Advisors analyst J. Carreker now anticipates that the company will post earnings per share of $0.49 for the year, down from their prior forecast of $0.53. US Capital Advisors has a “Overweight” rating on the stock. The consensus estimate for Equitrans Midstream’s current full-year earnings is $0.51 per share. US Capital Advisors also issued estimates for Equitrans Midstream’s Q4 2023 earnings at $0.13 EPS, Q1 2024 earnings at $0.31 EPS, Q2 2024 earnings at $0.26 EPS, Q3 2024 earnings at $0.28 EPS, Q4 2024 earnings at $0.32 EPS, FY2024 earnings at $1.16 EPS and FY2025 earnings at $1.08 EPS.

Equitrans Midstream (NYSE:ETRN – Get Rating) last released its quarterly earnings results on Tuesday, May 2nd. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.08. The business had revenue of $376.30 million during the quarter, compared to analyst estimates 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 was up 10.0% on a year-over-year basis. During the same period last year, the business earned $0.14 EPS.

Several other research analysts have also commented on ETRN. Raymond James assumed coverage on shares of Equitrans Midstream in a report on Friday, April 21st. They issued a “market perform” rating for the company. Barclays decreased 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. Citigroup cut their price objective 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. Wolfe Research upgraded shares of Equitrans Midstream from a “peer perform” rating to an “outperform” rating and set a $11.00 price objective on the stock in a research report on Thursday. Finally, Royal Bank of Canada upgraded shares of Equitrans Midstream from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $7.00 to $10.00 in a research report on Tuesday, May 30th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Equitrans Midstream currently has a consensus rating of “Hold” and an average target price of $7.63.

Equitrans Midstream Price Performance

Shares of ETRN stock opened at $9.08 on Monday. The firm has a market cap of $3.93 billion, a P/E ratio of -12.61, a P/E/G ratio of 1.25 and a beta of 1.92. The company has a debt-to-equity ratio of 4.81, a current ratio of 1.03 and a quick ratio of 1.03. Equitrans Midstream has a 1-year low of $4.60 and a 1-year high of $9.90. The firm has a fifty day moving average of $5.53 and a two-hundred day moving average of $6.36.

Institutional Trading of Equitrans Midstream

Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in Equitrans Midstream by 1.7% during the 1st quarter. BlackRock Inc. now owns 52,615,234 shares of the company’s stock valued at $304,116,000 after purchasing an additional 886,117 shares during the last quarter. Capital International Investors raised its stake in Equitrans Midstream by 5.9% during the 1st quarter. Capital International Investors now owns 49,239,507 shares of the company’s stock valued at $415,696,000 after purchasing an additional 2,749,573 shares during the last quarter. Vanguard Group Inc. raised its stake in Equitrans Midstream by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 45,275,746 shares of the company’s stock valued at $338,662,000 after purchasing an additional 1,999,312 shares during the last quarter. Zimmer Partners LP raised its stake in Equitrans Midstream by 66.1% during the 1st quarter. Zimmer Partners LP now owns 22,253,680 shares of the company’s stock valued at $128,626,000 after purchasing an additional 8,852,318 shares during the last quarter. Finally, State Street Corp raised its stake in Equitrans Midstream by 1.9% during the 1st quarter. State Street Corp now owns 15,207,093 shares of the company’s stock valued at $87,897,000 after purchasing an additional 284,116 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Equitrans Midstream

In other Equitrans Midstream news, CFO Kirk R. Oliver bought 9,000 shares of Equitrans Midstream stock in a transaction on Thursday, March 16th. The stock was purchased at an average cost of $5.46 per share, for a total transaction of $49,140.00. Following the completion of the purchase, the chief financial officer now directly owns 39,118 shares of the company’s stock, valued at $213,584.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.52% of the stock is currently owned by insiders.

Equitrans Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, May 5th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 6.61%. The ex-dividend date was Thursday, May 4th. Equitrans Midstream’s payout ratio is presently -83.33%.

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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Earnings History and Estimates for Equitrans Midstream (NYSE:ETRN)

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