Truist Financial Corp Purchases New Stake in Equitrans Midstream Co. (NYSE:ETRN)

Truist Financial Corp purchased a new stake in Equitrans Midstream Co. (NYSE:ETRNGet Rating) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,103 shares of the company’s stock, valued at approximately $110,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Equitrans Midstream by 38.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,226,938 shares of the company’s stock valued at $33,366,000 after purchasing an additional 891,419 shares during the last quarter. AGF Investments LLC increased its stake in Equitrans Midstream by 7.4% during the fourth quarter. AGF Investments LLC now owns 76,340 shares of the company’s stock valued at $789,000 after purchasing an additional 5,292 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Equitrans Midstream by 41.2% during the fourth quarter. Teacher Retirement System of Texas now owns 362,544 shares of the company’s stock valued at $3,749,000 after purchasing an additional 105,729 shares during the last quarter. Energy Income Partners LLC increased its stake in Equitrans Midstream by 0.7% during the fourth quarter. Energy Income Partners LLC now owns 1,377,364 shares of the company’s stock valued at $14,242,000 after purchasing an additional 9,350 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in Equitrans Midstream by 131.0% during the fourth quarter. Jennison Associates LLC now owns 2,164,164 shares of the company’s stock valued at $22,377,000 after purchasing an additional 1,227,175 shares during the last quarter. 87.74% of the stock is owned by institutional investors and hedge funds.

Equitrans Midstream Stock Performance

ETRN stock opened at $7.85 on Monday. The company has a market capitalization of $3.40 billion, a P/E ratio of -2.41 and a beta of 2.03. The company has a 50-day simple moving average of $7.16 and a 200 day simple moving average of $7.66. Equitrans Midstream Co. has a fifty-two week low of $5.87 and a fifty-two week high of $11.52. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 3.38.

Equitrans Midstream (NYSE:ETRNGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Equitrans Midstream had a negative net margin of 105.69% and a positive return on equity of 6.52%. The business had revenue of $342.15 million during the quarter, compared to analyst estimates of $380.59 million. During the same period in the previous year, the company posted $0.19 earnings per share. Equitrans Midstream’s revenue was down 10.0% compared to the same quarter last year. Sell-side analysts predict that Equitrans Midstream Co. will post 0.48 earnings per share for the current fiscal year.

Equitrans Midstream Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Wednesday, August 3rd will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 7.64%. The ex-dividend date of this dividend is Tuesday, August 2nd. Equitrans Midstream’s payout ratio is -18.40%.

Wall Street Analysts Forecast Growth

ETRN has been the subject of several recent research reports. Barclays lowered their target price on shares of Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 20th. Morgan Stanley lowered their target price on shares of Equitrans Midstream from $8.00 to $7.00 and set an “underweight” rating for the company in a research note on Wednesday, July 20th. US Capital Advisors restated a “hold” rating on shares of Equitrans Midstream in a research report on Wednesday, June 1st. Finally, TheStreet upgraded shares of Equitrans Midstream from a “d” rating to a “c-” rating in a research report on Tuesday, May 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.33.

Equitrans Midstream Company Profile

(Get Rating)

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.

Further Reading

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

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