Amalgamated Bank Trims Stock Holdings in Equitrans Midstream Co. (NYSE:ETRN)

Posted by on Aug 1st, 2023

Amalgamated Bank reduced its holdings in shares of Equitrans Midstream Co. (NYSE:ETRN – Free Report) by 5.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 275,365 shares of the company’s stock after selling 15,790 shares during the period. Amalgamated Bank owned approximately 0.06% of Equitrans Midstream worth $1,592,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ETRN. Maverick Capital Ltd. increased its stake in Equitrans Midstream by 11.8% in the 1st quarter. Maverick Capital Ltd. now owns 14,713 shares of the company’s stock valued at $124,000 after buying an additional 1,558 shares during the period. Pathstone Family Office LLC raised its holdings in Equitrans Midstream by 12.7% during the third quarter. Pathstone Family Office LLC now owns 14,227 shares of the company’s stock worth $106,000 after purchasing an additional 1,606 shares in the last quarter. Profund Advisors LLC lifted its position in Equitrans Midstream by 3.9% in the fourth quarter. Profund Advisors LLC now owns 49,343 shares of the company’s stock valued at $331,000 after purchasing an additional 1,873 shares during the period. Creative Planning increased its position in Equitrans Midstream by 5.1% during the 4th quarter. Creative Planning now owns 39,901 shares of the company’s stock worth $267,000 after purchasing an additional 1,940 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of Equitrans Midstream by 50.6% during the 2nd quarter. Captrust Financial Advisors now owns 6,682 shares of the company’s stock worth $42,000 after buying an additional 2,244 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ETRN. JPMorgan Chase & Co. upped their price objective on Equitrans Midstream from $9.50 to $11.00 in a report on Friday, June 9th. Wolfe Research raised Equitrans Midstream from a “peer perform” rating to an “outperform” rating and set a $11.00 price target for the company in a research report on Thursday, June 1st. TheStreet raised shares of Equitrans Midstream from a “d+” rating to a “c-” rating in a research note on Wednesday, June 28th. Barclays reduced their target price on Equitrans Midstream from $8.00 to $6.00 and set an “equal weight” rating on the stock in a report on Monday, April 10th. Finally, US Capital Advisors upgraded Equitrans Midstream from a “hold” rating to an “overweight” rating in a report on Wednesday, May 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $9.69.

Equitrans Midstream Stock Up 0.4 %

Shares of ETRN stock opened at $10.38 on Tuesday. The firm has a fifty day moving average of $8.97 and a two-hundred day moving average of $6.96. Equitrans Midstream Co. has a 1-year low of $4.60 and a 1-year high of $10.48. 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 (NYSE:ETRN – Get Free Report) last released its earnings results on Tuesday, May 2nd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.08. The firm 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 firm’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 firm earned $0.14 earnings per share. On average, sell-side analysts anticipate that Equitrans Midstream Co. will post 0.47 EPS for the current fiscal year.

Equitrans Midstream Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Friday, August 4th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date of this dividend is Thursday, August 3rd. Equitrans Midstream’s dividend payout ratio is currently -83.33%.

Equitrans Midstream Profile

(Free Report)

Equitrans Midstream Corporation owns, operates, acquires, and develops midstream assets in the Appalachian Basin. It operates through three segments: Gathering, Transmission, and Water. The company operates dry gas gathering systems of high-pressure gathering lines; FERC-regulated interstate pipelines and storage systems; and water pipelines and other facilities that deliver fresh water from local municipal water authorities, the Monongahela River, the Ohio River, local reservoirs, and several regional waterways.

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

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