Equitrans Midstream (NYSE:ETRN) Releases Earnings Results, Misses Expectations By $0.05 EPS

Equitrans Midstream (NYSE:ETRNGet Rating) posted its quarterly earnings results on Tuesday. The company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.05), MarketWatch Earnings reports. Equitrans Midstream had a negative net margin of 104.82% and a positive return on equity of 6.90%. The business had revenue of $342.15 million during the quarter, compared to analysts’ expectations of $380.59 million. During the same quarter last year, the firm earned $0.19 earnings per share. The firm’s quarterly revenue was down 10.0% compared to the same quarter last year.

NYSE:ETRN traded down $0.09 during trading hours on Wednesday, reaching $7.95. 67,131 shares of the stock were exchanged, compared to its average volume of 5,491,967. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a 50 day simple moving average of $7.83 and a 200-day simple moving average of $9.00. Equitrans Midstream has a 52 week low of $5.87 and a 52 week high of $11.52. The stock has a market capitalization of $3.45 billion, a P/E ratio of -2.41 and a beta of 2.03.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 13th. Shareholders of record on Wednesday, May 4th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 7.55%. The ex-dividend date of this dividend is Tuesday, May 3rd. Equitrans Midstream’s dividend payout ratio is presently -18.02%.

A number of research firms have commented on ETRN. Zacks Investment Research downgraded Equitrans Midstream from a “buy” rating to a “hold” rating in a research report on Friday, April 8th. Wells Fargo & Company downgraded Equitrans Midstream from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $16.00 to $8.00 in a research report on Thursday, February 24th. US Capital Advisors upgraded Equitrans Midstream from an “underweight” rating to a “hold” rating in a research note on Friday, March 11th. Credit Suisse Group dropped their target price on Equitrans Midstream from $13.00 to $9.00 and set an “outperform” rating for the company in a research note on Tuesday, March 8th. Finally, TheStreet lowered Equitrans Midstream from a “c” rating to a “d” rating in a research note on Friday, March 4th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Equitrans Midstream currently has an average rating of “Hold” and an average target price of $8.54.

Large investors have recently added to or reduced their stakes in the business. Morgan Stanley raised its position in shares of Equitrans Midstream by 96.6% during the 2nd quarter. Morgan Stanley now owns 1,092,357 shares of the company’s stock worth $9,298,000 after purchasing an additional 536,622 shares during the period. Barclays PLC increased its position in Equitrans Midstream by 102.1% in the 4th quarter. Barclays PLC now owns 780,748 shares of the company’s stock valued at $8,073,000 after acquiring an additional 394,399 shares during the period. LPL Financial LLC increased its position in Equitrans Midstream by 22.9% in the 4th quarter. LPL Financial LLC now owns 30,664 shares of the company’s stock valued at $317,000 after acquiring an additional 5,719 shares during the period. Credit Suisse AG increased its position in Equitrans Midstream by 5.5% in the 4th quarter. Credit Suisse AG now owns 423,587 shares of the company’s stock valued at $4,380,000 after acquiring an additional 21,978 shares during the period. Finally, Cubist Systematic Strategies LLC increased its position in Equitrans Midstream by 70.4% in the 4th quarter. Cubist Systematic Strategies LLC now owns 42,326 shares of the company’s stock valued at $438,000 after acquiring an additional 17,487 shares during the period. 87.74% of the stock is currently owned by institutional investors.

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.

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Earnings History for Equitrans Midstream (NYSE:ETRN)

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