Equitrans Midstream Co. (NYSE:ETRN) Sees Significant Decline in Short Interest

Equitrans Midstream Co. (NYSE:ETRN) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 8,500,000 shares, a decline of 9.5% from the March 31st total of 9,390,000 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average daily volume of 6,930,000 shares, the short-interest ratio is presently 1.2 days.

Analyst Ratings Changes

Several equities research analysts have issued reports on ETRN shares. Barclays boosted their price objective on shares of Equitrans Midstream from $6.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Morgan Stanley decreased their price target on shares of Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, February 22nd. Finally, Royal Bank of Canada restated an “outperform” rating and set a $13.00 price objective on shares of Equitrans Midstream in a research note on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.86.

Hedge Funds Weigh In On Equitrans Midstream

Several large investors have recently modified their holdings of ETRN. Envestnet Asset Management Inc. lifted its holdings in shares of Equitrans Midstream by 125.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 516,372 shares of the company’s stock worth $4,838,000 after purchasing an additional 287,176 shares during the last quarter. Valueworks LLC increased its holdings in shares of Equitrans Midstream by 14.7% in the 3rd quarter. Valueworks LLC now owns 765,213 shares of the company’s stock worth $7,170,000 after acquiring an additional 97,940 shares during the period. Qube Research & Technologies Ltd bought a new stake in Equitrans Midstream in the 3rd quarter valued at about $2,555,000. Advisors Capital Management LLC acquired a new position in Equitrans Midstream during the 3rd quarter valued at about $3,533,000. Finally, Deutsche Bank AG grew its position in Equitrans Midstream by 16.5% in the 3rd quarter. Deutsche Bank AG now owns 234,295 shares of the company’s stock worth $2,195,000 after purchasing an additional 33,134 shares during the last quarter. Institutional investors own 87.35% of the company’s stock.

Equitrans Midstream Stock Up 1.1 %

Shares of Equitrans Midstream stock traded up $0.14 during trading hours on Monday, hitting $13.89. 5,585,000 shares of the company’s stock traded hands, compared to its average volume of 6,349,970. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 4.83. Equitrans Midstream has a twelve month low of $4.65 and a twelve month high of $13.98. The stock has a 50 day simple moving average of $11.77 and a 200-day simple moving average of $10.49. The company has a market cap of $6.06 billion, a PE ratio of 15.51, a PEG ratio of 1.83 and a beta of 1.97.

Equitrans Midstream (NYSE:ETRN) last issued its quarterly earnings data on Tuesday, February 20th. The company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.16. The firm had revenue of $360.60 million during the quarter, compared to analyst estimates of $348.04 million. Equitrans Midstream had a return on equity of 30.41% and a net margin of 30.89%. Equitrans Midstream’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 EPS. Equities research analysts anticipate that Equitrans Midstream will post 0.87 earnings per share for the current fiscal year.

Equitrans Midstream Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, May 7th will be issued a $0.15 dividend. The ex-dividend date is Monday, May 6th. This represents a $0.60 annualized dividend and a yield of 4.32%. Equitrans Midstream’s dividend payout ratio is presently 67.42%.

Equitrans Midstream Company Profile

Equitrans Midstream Corporation owns, operates, acquires, and develops midstream assets in the Appalachian Basin. The company operates through Gathering, Transmission, and Water segments. It operates dry gas gathering systems of high-pressure gathering lines and FERC-regulated interstate pipelines and storage systems.