Comerica Bank grew its stake in shares of Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 4.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 196,352 shares of the company’s stock after buying an additional 8,995 shares during the quarter. Comerica Bank’s holdings in Equitrans Midstream were worth $1,559,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in ETRN. Price T Rowe Associates Inc. MD increased its stake in shares of Equitrans Midstream by 51.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 35,496,453 shares of the company’s stock valued at $225,757,000 after acquiring an additional 12,117,484 shares during the period. Zimmer Partners LP lifted its holdings in shares of Equitrans Midstream by 17.7% in the second quarter. Zimmer Partners LP now owns 21,942,100 shares of the company’s stock valued at $139,552,000 after buying an additional 3,294,914 shares during the period. Capital International Investors raised its position in Equitrans Midstream by 5.9% in the first quarter. Capital International Investors now owns 49,239,507 shares of the company’s stock worth $415,696,000 after acquiring an additional 2,749,573 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Equitrans Midstream by 29.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 10,883,478 shares of the company’s stock worth $91,859,000 after purchasing an additional 2,444,950 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Equitrans Midstream by 86.9% in the 2nd quarter. Millennium Management LLC now owns 3,460,526 shares of the company’s stock worth $22,009,000 after purchasing an additional 1,609,473 shares during the last quarter. 93.50% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on ETRN. Wolfe Research cut shares of Equitrans Midstream from an “outperform” rating to a “peer perform” rating in a report on Wednesday, October 19th. Wells Fargo & Company lowered Equitrans Midstream from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $12.00 to $8.00 in a research report on Friday, December 16th. Barclays dropped their price target on Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Wednesday. TheStreet cut Equitrans Midstream from a “c-” rating to a “d” rating in a research note on Monday, September 26th. Finally, Bank of America cut shares of Equitrans Midstream from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $9.00 to $6.50 in a report on Wednesday, September 28th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.17.
Equitrans Midstream Trading Up 0.6 %
Equitrans Midstream (NYSE:ETRN – Get Rating) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $331.75 million during the quarter, compared to the consensus estimate of $364.03 million. Equitrans Midstream had a negative net margin of 153.15% and a positive return on equity of 8.31%. Equities research analysts forecast that Equitrans Midstream Co. will post 0.46 earnings per share for the current year.
Equitrans Midstream Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Wednesday, November 2nd were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, November 1st. This represents a $0.60 annualized dividend and a dividend yield of 8.65%. Equitrans Midstream’s payout ratio is -13.19%.
Equitrans Midstream Company Profile
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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