State Board of Administration of Florida Retirement System Trims Stock Position in Equitrans Midstream Co. (NYSE:ETRN)

State Board of Administration of Florida Retirement System lessened its holdings in shares of Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 61.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 133,396 shares of the company’s stock after selling 208,895 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Equitrans Midstream were worth $894,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ETRN. Capital International Investors lifted its stake in Equitrans Midstream by 5.9% during the 1st quarter. Capital International Investors now owns 49,239,507 shares of the company’s stock valued at $415,696,000 after acquiring an additional 2,749,573 shares during the period. BlackRock Inc. lifted its stake in Equitrans Midstream by 1.0% during the 1st quarter. BlackRock Inc. now owns 47,832,584 shares of the company’s stock valued at $403,708,000 after acquiring an additional 451,239 shares during the period. Vanguard Group Inc. lifted its stake in Equitrans Midstream by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 45,275,746 shares of the company’s stock valued at $338,662,000 after acquiring an additional 1,999,312 shares during the period. State Street Corp lifted its stake in Equitrans Midstream by 3.3% during the 3rd quarter. State Street Corp now owns 14,540,478 shares of the company’s stock valued at $108,763,000 after acquiring an additional 467,143 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Equitrans Midstream by 4.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 11,044,422 shares of the company’s stock valued at $82,612,000 after purchasing an additional 426,655 shares during the last quarter. Institutional investors own 93.50% of the company’s stock.

Equitrans Midstream Stock Up 2.9 %

NYSE ETRN opened at $5.59 on Wednesday. The company has a debt-to-equity ratio of 4.81, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $2.42 billion, a P/E ratio of -7.76, a P/E/G ratio of 0.76 and a beta of 1.95. Equitrans Midstream Co. has a one year low of $4.60 and a one year high of $9.90. The stock has a 50 day moving average price of $5.21 and a 200-day moving average price of $6.49.

Equitrans Midstream (NYSE:ETRN – Get Rating) last posted its earnings results on Tuesday, May 2nd. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.08. The firm had revenue of $376.30 million during the quarter, compared to the consensus estimate of $360.73 million. Equitrans Midstream had a positive return on equity of 18.92% and a negative net margin of 18.27%. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 EPS. As a group, equities analysts predict that Equitrans Midstream Co. will post 0.48 EPS for the current fiscal year.

Equitrans Midstream Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, May 5th were given a $0.15 dividend. The ex-dividend date of this dividend was Thursday, May 4th. This represents a $0.60 dividend on an annualized basis and a yield of 10.73%. Equitrans Midstream’s dividend payout ratio is presently -83.33%.

Insider Buying and Selling

In related news, CFO Kirk R. Oliver purchased 9,000 shares of the stock in a transaction that occurred on Thursday, March 16th. The stock was bought at an average cost of $5.46 per share, for a total transaction of $49,140.00. Following the completion of the transaction, the chief financial officer now directly owns 39,118 shares in the company, valued at $213,584.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ETRN. The Goldman Sachs Group lowered shares of Equitrans Midstream from a “buy” rating to a “sell” rating and reduced their target price for the stock from $9.50 to $6.00 in a report on Tuesday, January 31st. Citigroup dropped their price target on Equitrans Midstream from $8.00 to $6.50 and set a “neutral” rating for the company in a research note on Tuesday, April 4th. Raymond James began coverage on Equitrans Midstream in a research note on Friday, April 21st. They issued a “market perform” rating for the company. Finally, Barclays dropped their price target on Equitrans Midstream from $8.00 to $6.00 and set an “equal weight” rating for the company in a research note on Monday, April 10th. Three equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $7.00.

Equitrans Midstream Profile

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Equitrans Midstream Corp. engages in the provision of midstream services. It operates through the following segments: Gathering, Transmission, and Water. The Gathering segment includes EQM’s high-pressure gathering lines and FERC-regulated low-pressure gathering lines. The Transmission segment refers to the EQM’s FERC-regulated interstate pipelines and storage system.