Equitrans Midstream (NYSE:ETRN) Sets New 12-Month High After Dividend Announcement

Equitrans Midstream Co. (NYSE:ETRN)’s stock price hit a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $13.08 and last traded at $13.07, with a volume of 1579102 shares trading hands. The stock had previously closed at $12.86.

The newly announced dividend which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, May 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Monday, May 6th. Equitrans Midstream’s dividend payout ratio is 67.42%.

Analyst Ratings Changes

ETRN has been the topic of several recent analyst reports. TheStreet upgraded shares of Equitrans Midstream from a “d+” rating to a “c-” rating in a report on Wednesday, December 27th. Barclays raised their target price on shares of Equitrans Midstream from $6.00 to $11.00 and gave the stock an “equal weight” rating in a report on Monday, February 26th. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 target price on shares of Equitrans Midstream in a report on Thursday, March 7th. Finally, Morgan Stanley cut their target price on shares of Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, February 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $10.86.

Equitrans Midstream Trading Up 4.2 %

The stock has a market cap of $5.86 billion, a P/E ratio of 15.08, a PEG ratio of 1.71 and a beta of 1.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 4.83. The stock’s fifty day moving average price is $11.64 and its 200 day moving average price is $10.43.

Equitrans Midstream (NYSE:ETRN) last announced its earnings results on Tuesday, February 20th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.16. Equitrans Midstream had a net margin of 30.89% and a return on equity of 30.41%. The firm had revenue of $360.60 million for the quarter, compared to analysts’ expectations of $348.04 million. During the same quarter in the previous year, the business posted $0.13 EPS. The company’s quarterly revenue was up 1.5% on a year-over-year basis. Equities research analysts expect that Equitrans Midstream Co. will post 0.87 earnings per share for the current year.

Hedge Funds Weigh In On Equitrans Midstream

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Equitrans Midstream by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 47,037,992 shares of the company’s stock worth $440,746,000 after purchasing an additional 1,572,136 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Equitrans Midstream by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,740,820 shares of the company’s stock worth $88,982,000 after buying an additional 260,924 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in Equitrans Midstream by 28.5% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 7,931,370 shares of the company’s stock worth $80,741,000 after buying an additional 1,758,270 shares during the last quarter. 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 buying an additional 1,197,991 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Equitrans Midstream by 28.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,251,814 shares of the company’s stock worth $53,463,000 after buying an additional 1,151,348 shares during the last quarter. Hedge funds and other institutional investors own 87.35% of the company’s stock.

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.