Equitrans Midstream Co. (NYSE:ETRN) Stock Position Lessened by Brookfield Corp ON

Posted by Defense World Staff on Sep 12th, 2023

Brookfield Corp ON decreased its holdings in Equitrans Midstream Co. (NYSE:ETRN – Free Report) by 3.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,971,879 shares of the company’s stock after selling 420,024 shares during the quarter. Brookfield Corp ON owned 2.99% of Equitrans Midstream worth $74,977,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of ETRN. Zimmer Partners LP grew its stake in shares of Equitrans Midstream by 66.1% in the first quarter. Zimmer Partners LP now owns 22,253,680 shares of the company’s stock worth $128,626,000 after purchasing an additional 8,852,318 shares in the last quarter. Marshall Wace LLP bought a new position in Equitrans Midstream during the fourth quarter valued at about $22,056,000. Capital International Investors boosted its stake in Equitrans Midstream by 5.9% during the first quarter. Capital International Investors now owns 49,239,507 shares of the company’s stock valued at $415,696,000 after buying an additional 2,749,573 shares in the last quarter. Norges Bank bought a new position in Equitrans Midstream during the fourth quarter valued at about $17,366,000. Finally, Dimensional Fund Advisors LP boosted its stake in Equitrans Midstream by 29.0% during the first quarter. Dimensional Fund Advisors LP now owns 10,883,478 shares of the company’s stock valued at $91,859,000 after buying an additional 2,444,950 shares in the last quarter. Institutional investors own 86.68% of the company’s stock.

Equitrans Midstream Stock Down 1.7 %

Shares of Equitrans Midstream stock opened at $9.30 on Tuesday. The stock has a 50-day moving average price of $9.56 and a 200 day moving average price of $7.53. The company has a market cap of $4.03 billion, a P/E ratio of -12.73, a P/E/G ratio of 0.97 and a beta of 1.93. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 4.87. Equitrans Midstream Co. has a 1 year low of $4.60 and a 1 year high of $10.48.

Equitrans Midstream (NYSE:ETRN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. The firm had revenue of $318.50 million during the quarter, compared to the consensus estimate of $311.21 million. Equitrans Midstream had a positive return on equity of 20.49% and a negative net margin of 18.60%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.11 EPS. As a group, analysts expect that Equitrans Midstream Co. will post 0.55 EPS for the current fiscal year.

Equitrans Midstream Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Friday, August 4th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.46%. The ex-dividend date was Thursday, August 3rd. Equitrans Midstream’s dividend payout ratio (DPR) is presently -82.19%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Citigroup raised their target price on Equitrans Midstream from $6.50 to $9.25 in a research note on Tuesday, June 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of Equitrans Midstream in a research note on Tuesday, August 8th. JPMorgan Chase & Co. upped their target price on Equitrans Midstream from $9.50 to $11.00 in a report on Friday, June 9th. TheStreet raised Equitrans Midstream from a “d+” rating to a “c-” rating in a report on Wednesday, June 28th. Finally, US Capital Advisors raised 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 issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.69.

View Our Latest Stock Analysis on Equitrans Midstream

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.