Traders Purchase Large Volume of Call Options on Equitrans Midstream (NYSE:ETRN)

Equitrans Midstream Co. (NYSE:ETRN) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 41,173 call options on the company. This is an increase of approximately 330% compared to the typical daily volume of 9,579 call options.

Equitrans Midstream Stock Performance

Shares of Equitrans Midstream stock opened at $13.43 on Thursday. Equitrans Midstream has a one year low of $4.65 and a one year high of $13.51. The company has a market cap of $5.86 billion, a PE ratio of 15.08, a P/E/G ratio of 1.71 and a beta of 1.97. The company has a debt-to-equity ratio of 4.83, a quick ratio of 0.76 and a current ratio of 0.76. The business has a 50-day simple moving average of $11.64 and a 200-day simple moving average of $10.43.

Equitrans Midstream (NYSE:ETRN) last announced its quarterly earnings results on Tuesday, February 20th. The company reported $0.32 earnings per share (EPS) 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 the consensus estimate of $348.04 million. Equitrans Midstream had a return on equity of 30.41% and a net margin of 30.89%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.13 earnings per share. On average, equities research analysts forecast that Equitrans Midstream will post 0.87 EPS for the current fiscal year.

Equitrans Midstream Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date of this dividend is Monday, May 6th. Equitrans Midstream’s dividend payout ratio is currently 67.42%.

Institutional Investors Weigh In On Equitrans Midstream

Hedge funds have recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in shares of Equitrans Midstream in the first quarter valued at $25,000. Harvest Fund Management Co. Ltd purchased a new stake in Equitrans Midstream in the 4th quarter valued at about $39,000. AlphaMark Advisors LLC grew its holdings in Equitrans Midstream by 66.2% in the 3rd quarter. AlphaMark Advisors LLC now owns 5,650 shares of the company’s stock valued at $53,000 after buying an additional 2,250 shares during the period. Mather Group LLC. purchased a new stake in Equitrans Midstream in the 1st quarter valued at about $54,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Equitrans Midstream in the 3rd quarter valued at about $55,000. 87.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ETRN shares. TheStreet raised shares of Equitrans Midstream from a “d+” rating to a “c-” rating in a research note on Wednesday, December 27th. Barclays lifted their price target on Equitrans Midstream from $6.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Morgan Stanley reduced their price target on Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, February 22nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $13.00 price target on shares of Equitrans Midstream in a report on Thursday, March 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Equitrans Midstream presently has a consensus rating of “Hold” and a consensus target price of $10.86.

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.