California Public Employees Retirement System Sells 47,387 Shares of Equitrans Midstream Co. (NYSE:ETRN)

California Public Employees Retirement System lowered its position in Equitrans Midstream Co. (NYSE:ETRN) by 5.9% during the 4th quarter, Holdings Channel reports. The fund owned 762,558 shares of the company’s stock after selling 47,387 shares during the period. California Public Employees Retirement System’s holdings in Equitrans Midstream were worth $7,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its holdings in shares of Equitrans Midstream by 125.3% in the third quarter. Envestnet Asset Management Inc. now owns 516,372 shares of the company’s stock valued at $4,838,000 after purchasing an additional 287,176 shares in the last quarter. Valueworks LLC lifted its holdings in shares of Equitrans Midstream by 14.7% in the third quarter. Valueworks LLC now owns 765,213 shares of the company’s stock valued at $7,170,000 after purchasing an additional 97,940 shares in the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Equitrans Midstream in the third quarter valued at approximately $2,555,000. Advisors Capital Management LLC bought a new position in shares of Equitrans Midstream in the third quarter valued at approximately $3,533,000. Finally, Deutsche Bank AG lifted its holdings in shares of Equitrans Midstream by 16.5% in the third quarter. Deutsche Bank AG now owns 234,295 shares of the company’s stock valued at $2,195,000 after purchasing an additional 33,134 shares in the last quarter. Institutional investors own 87.35% of the company’s stock.

Equitrans Midstream Stock Performance

Shares of ETRN opened at $13.67 on Friday. The company has a current ratio of 0.63, a quick ratio of 0.76 and a debt-to-equity ratio of 4.88. The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of 15.18, a PEG ratio of 1.75 and a beta of 1.93. The stock has a 50 day moving average of $12.00 and a 200 day moving average of $10.59. Equitrans Midstream Co. has a 12 month low of $4.65 and a 12 month high of $14.21.

Equitrans Midstream (NYSE:ETRN) last released its earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. Equitrans Midstream had a return on equity of 30.21% and a net margin of 31.69%. The business had revenue of $364.27 million during the quarter, compared to the consensus estimate of $345.79 million. During the same period last year, the business posted $0.22 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts forecast that Equitrans Midstream Co. will post 0.87 earnings per share for the current year.

Equitrans Midstream Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date is Monday, May 6th. Equitrans Midstream’s dividend payout ratio is currently 66.67%.

Wall Street Analysts Forecast Growth

ETRN has been the topic of a number of recent research reports. Barclays raised their target price on Equitrans Midstream from $6.00 to $11.00 and gave the company an “equal weight” rating in a report on Monday, February 26th. Wells Fargo & Company raised their target price on Equitrans Midstream from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Thursday. Morgan Stanley dropped their target price on Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, February 22nd. US Capital Advisors downgraded Equitrans Midstream from an “overweight” rating to a “hold” rating in a research report on Monday, April 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 price target on shares of Equitrans Midstream in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Equitrans Midstream currently has a consensus rating of “Hold” and a consensus target price of $11.19.

Equitrans Midstream 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.