World Asset Management Inc Invests $137,000 in Equitrans Midstream (NASDAQ:ETRN)

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World Asset Management Inc bought a new position in Equitrans Midstream (NASDAQ:ETRN) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 16,544 shares of the company’s stock, valued at approximately $137,000.

Several other hedge funds have also recently modified their holdings of ETRN. Mason Street Advisors LLC increased its stake in Equitrans Midstream by 1.2% during the first quarter. Mason Street Advisors LLC now owns 109,723 shares of the company’s stock worth $552,000 after acquiring an additional 1,327 shares during the last quarter. Sunbelt Securities Inc. bought a new stake in Equitrans Midstream during the fourth quarter worth approximately $5,925,000. State of Alaska Department of Revenue increased its stake in Equitrans Midstream by 6.0% during the first quarter. State of Alaska Department of Revenue now owns 35,488 shares of the company’s stock worth $178,000 after acquiring an additional 1,993 shares during the last quarter. Van ECK Associates Corp increased its stake in Equitrans Midstream by 5.7% during the first quarter. Van ECK Associates Corp now owns 51,309 shares of the company’s stock worth $258,000 after acquiring an additional 2,756 shares during the last quarter. Finally, Clearbridge Investments LLC increased its stake in Equitrans Midstream by 85.6% during the first quarter. Clearbridge Investments LLC now owns 5,990 shares of the company’s stock worth $30,000 after acquiring an additional 2,762 shares during the last quarter.

Shares of NASDAQ:ETRN opened at $9.65 on Friday. Equitrans Midstream has a 1 year low of $3.75 and a 1 year high of $17.18. The business has a 50 day simple moving average of $9.05 and a two-hundred day simple moving average of $8.29.

Equitrans Midstream (NASDAQ:ETRN) last announced its earnings results on Thursday, May 14th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.38. The business had revenue of $453.11 million for the quarter, compared to analysts’ expectations of $375.80 million.

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Tuesday, August 4th will be issued a $0.15 dividend. The ex-dividend date is Monday, August 3rd. This represents a $0.60 dividend on an annualized basis and a dividend yield of 6.22%.

ETRN has been the topic of several analyst reports. Zacks Investment Research raised Equitrans Midstream from a “sell” rating to a “hold” rating in a research note on Friday. Wells Fargo & Co raised Equitrans Midstream from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $6.00 to $11.00 in a research note on Monday, April 27th. BidaskClub cut Equitrans Midstream from a “buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Finally, JPMorgan Chase & Co. initiated coverage on Equitrans Midstream in a research note on Tuesday, July 14th. They set a “neutral” rating and a $11.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $11.71.

In other news, CEO Thomas F. Karam purchased 45,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $8.11 per share, for a total transaction of $364,950.00.

Equitrans Midstream Profile

Equitrans Midstream Corp. is a wholly-owned subsidiary of EQT. It doesn’t have business operations. The company was founded on February 21, 2018 and is headquartered in Canonsburg, PA.

Further Reading: Is the QQQ ETF safe?

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

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