New Mexico Educational Retirement Board Grows Holdings in Equitrans Midstream Co. (NYSE:ETRN)

Posted by on Oct 3rd, 2023

New Mexico Educational Retirement Board raised its position in Equitrans Midstream Co. (NYSE:ETRN – Free Report) by 12.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 88,400 shares of the company’s stock after buying an additional 10,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Equitrans Midstream were worth $845,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETRN. Chilton Capital Management LLC purchased a new stake in shares of Equitrans Midstream during the first quarter worth about $33,000. Captrust Financial Advisors increased its stake in shares of Equitrans Midstream by 50.6% during the second quarter. Captrust Financial Advisors now owns 6,682 shares of the company’s stock worth $42,000 after purchasing an additional 2,244 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Equitrans Midstream during the first quarter worth about $52,000. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Equitrans Midstream during the first quarter worth about $61,000. Finally, Avalon Investment & Advisory purchased a new stake in shares of Equitrans Midstream during the first quarter worth about $64,000. Hedge funds and other institutional investors own 86.68% of the company’s stock.

Equitrans Midstream Stock Performance

NYSE:ETRN opened at $9.19 on Tuesday. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.90 and a quick ratio of 0.90. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of -12.59, a PEG ratio of 1.15 and a beta of 1.90. The company’s 50-day moving average is $9.65 and its two-hundred day moving average is $7.93. 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 posted its earnings results on Tuesday, August 1st. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The company had revenue of $318.50 million for the quarter, compared to analyst estimates of $311.21 million. Equitrans Midstream had a negative net margin of 18.60% and a positive return on equity of 20.49%. Equitrans Midstream’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.11 EPS. Analysts forecast that Equitrans Midstream Co. will post 0.46 EPS for the current year.

Equitrans Midstream Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Stockholders of record on Friday, August 4th were issued a $0.15 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.60 annualized dividend and a dividend yield of 6.53%. Equitrans Midstream’s dividend payout ratio is currently -82.19%.

Analysts Set New Price Targets

ETRN has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Equitrans Midstream from $9.50 to $11.00 in a research note on Friday, June 9th. Royal Bank of Canada reissued an “outperform” rating and set a $13.00 target price on shares of Equitrans Midstream in a research note on Tuesday, August 8th. Morgan Stanley reaffirmed an “overweight” rating and set a $14.00 price objective on shares of Equitrans Midstream in a research note on Tuesday, July 18th. Bank of America upped their price objective on shares of Equitrans Midstream from $5.00 to $9.00 in a research note on Thursday, June 8th. Finally, Citigroup upped their price objective on shares of Equitrans Midstream from $6.50 to $9.25 in a research note on Tuesday, June 6th. One analyst has 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $9.69.

Check Out Our Latest Report 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.

See Also

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

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