Equitrans Midstream (NYSE:ETRN) Sees Strong Trading Volume Following Analyst Upgrade

Posted by Defense World Staff on Aug 1st, 2023

Shares of Equitrans Midstream Co. (NYSE:ETRN – Get Free Report) saw unusually-strong trading volume on Monday after Royal Bank of Canada raised their price target on the stock from $10.00 to $13.00. Royal Bank of Canada currently has an outperform rating on the stock. Approximately 10,992,015 shares were traded during trading, an increase of 75% from the previous session’s volume of 6,265,923 shares.The stock last traded at $10.35 and had previously closed at $10.33.

Several other equities analysts have also recently commented on the stock. Barclays lowered their target price on shares of Equitrans Midstream from $8.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Monday, April 10th. Morgan Stanley restated an “overweight” rating and set a $14.00 price objective on shares of Equitrans Midstream in a research report on Tuesday, July 18th. Raymond James assumed coverage on shares of Equitrans Midstream in a research report on Friday, April 21st. They set a “market perform” rating for the company. Wolfe Research upgraded shares of Equitrans Midstream from a “peer perform” rating to an “outperform” rating and set a $11.00 price objective for the company in a research report on Thursday, June 1st. Finally, TheStreet upgraded shares of Equitrans Midstream from a “d+” rating to a “c-” rating in a research report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $9.69.

Institutional Trading of Equitrans Midstream

Hedge funds have recently made changes to their positions in the stock. Lindbrook Capital LLC lifted its position in shares of Equitrans Midstream by 36.9% in the first quarter. Lindbrook Capital LLC now owns 94,142 shares of the company’s stock worth $544,000 after purchasing an additional 25,352 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Equitrans Midstream by 68.2% in the fourth quarter. First Trust Advisors LP now owns 710,769 shares of the company’s stock worth $4,762,000 after purchasing an additional 288,102 shares in the last quarter. Retirement Systems of Alabama lifted its position in shares of Equitrans Midstream by 0.7% in the fourth quarter. Retirement Systems of Alabama now owns 570,418 shares of the company’s stock worth $3,822,000 after purchasing an additional 3,829 shares in the last quarter. CWA Asset Management Group LLC raised its position in Equitrans Midstream by 12.8% during the first quarter. CWA Asset Management Group LLC now owns 117,887 shares of the company’s stock valued at $681,000 after acquiring an additional 13,365 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Equitrans Midstream by 4.9% during the fourth quarter. New York State Common Retirement Fund now owns 384,300 shares of the company’s stock valued at $2,575,000 after acquiring an additional 18,100 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Equitrans Midstream Stock Performance

The stock has a market cap of $4.49 billion, a P/E ratio of -14.41, a price-to-earnings-growth ratio of 1.21 and a beta of 1.92. The firm’s 50-day moving average is $8.97 and its two-hundred day moving average is $6.96. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 4.81.

Equitrans Midstream (NYSE:ETRN – Get Free Report) last issued its quarterly earnings data 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 for 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 company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 earnings per share. As a group, research analysts expect that Equitrans Midstream Co. will post 0.47 EPS for the current year.

Equitrans Midstream Dividend Announcement

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

Equitrans Midstream Company Profile

(Get 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.