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

Truist Financial Corp bought a new stake in shares of Equitrans Midstream Co. (NYSE:ETRNGet Rating) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 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. Confluence Wealth Services Inc. bought a new stake in Equitrans Midstream during the fourth quarter valued at $27,000. UMB Bank N A MO bought a new stake in Equitrans Midstream during the fourth quarter valued at $37,000. CWM LLC bought a new stake in Equitrans Midstream during the fourth quarter valued at $43,000. First Quadrant LLC CA bought a new stake in Equitrans Midstream during the first quarter valued at $44,000. Finally, Chilton Capital Management LLC bought a new stake in Equitrans Midstream during the fourth quarter valued at $58,000. Institutional investors own 87.74% of the company’s stock.

Equitrans Midstream Price Performance

Shares of NYSE ETRN opened at $7.85 on Monday. Equitrans Midstream Co. has a twelve month low of $5.87 and a twelve month high of $11.52. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 3.38. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -2.41 and a beta of 2.03. The firm has a 50-day moving average of $7.16 and a two-hundred day moving average of $7.66.

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. As a group, analysts expect 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%.

Analyst Ratings Changes

ETRN has been the subject of several recent research reports. Morgan Stanley lowered their price target on shares of Equitrans Midstream from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, July 20th. Barclays lowered their price target on shares of Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report 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

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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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