Norges Bank Acquires New Stake in Equitrans Midstream Co. (NYSE:ETRN)

Norges Bank purchased a new stake in shares of Equitrans Midstream Co. (NYSE:ETRNFree Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,920,748 shares of the company’s stock, valued at approximately $50,093,000. Norges Bank owned about 1.14% of Equitrans Midstream at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the company. Kayne Anderson Capital Advisors LP purchased a new stake in Equitrans Midstream in the 3rd quarter valued at about $19,163,000. Vanguard Group Inc. lifted its holdings in shares of Equitrans Midstream by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 47,037,992 shares of the company’s stock worth $440,746,000 after acquiring an additional 1,572,136 shares during the last quarter. Recurrent Investment Advisors LLC lifted its holdings in shares of Equitrans Midstream by 55.5% during the 3rd quarter. Recurrent Investment Advisors LLC now owns 3,875,686 shares of the company’s stock worth $36,315,000 after acquiring an additional 1,383,451 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Equitrans Midstream in the 4th quarter worth $12,710,000. Finally, Blackstone Inc. raised its position in Equitrans Midstream by 18.8% in the 3rd quarter. Blackstone Inc. now owns 7,573,498 shares of the company’s stock worth $70,964,000 after purchasing an additional 1,197,991 shares during the period. Institutional investors own 87.35% of the company’s stock.

Equitrans Midstream Stock Up 2.6 %

Shares of ETRN stock opened at $14.32 on Wednesday. Equitrans Midstream Co. has a 12 month low of $7.83 and a 12 month high of $14.60. The stock has a market cap of $6.21 billion, a P/E ratio of 15.91, a P/E/G ratio of 11.07 and a beta of 1.93. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 4.88. The company has a 50 day simple moving average of $13.02 and a two-hundred day simple moving average of $11.22.

Equitrans Midstream (NYSE:ETRNGet Free Report) last announced its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Equitrans Midstream had a net margin of 31.69% and a return on equity of 30.21%. The business had revenue of $364.27 million during the quarter, compared to analysts’ expectations of $345.79 million. During the same period in the prior year, the company earned $0.22 earnings per share. The firm’s revenue was down 3.2% on a year-over-year basis. On average, research analysts expect that Equitrans Midstream Co. will post 0.85 earnings per share for the current year.

Equitrans Midstream Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, May 6th. This represents a $0.60 dividend on an annualized basis and a yield of 4.19%. Equitrans Midstream’s dividend payout ratio is currently 66.67%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Morgan Stanley reduced their price target on shares of Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company upped their target price on shares of Equitrans Midstream from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Royal Bank of Canada restated an “outperform” rating and set a $13.00 price objective on shares of Equitrans Midstream in a research report on Thursday, March 7th. US Capital Advisors downgraded shares of Equitrans Midstream from an “overweight” rating to a “hold” rating in a research report on Monday, April 29th. Finally, Barclays increased their price objective on shares of Equitrans Midstream from $6.00 to $11.00 and gave the company an “equal weight” rating in a research report on Monday, February 26th. One research 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.19.

Read Our Latest Research Report on Equitrans Midstream

Equitrans Midstream Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Equitrans Midstream (NYSE:ETRN)

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