Equitrans Midstream (NYSE:ETRN) Raised to “Buy” at Zacks Investment Research

Equitrans Midstream (NYSE:ETRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $12.00 price objective on the stock. Zacks Investment Research‘s price target suggests a potential upside of 9.39% from the stock’s current price.

According to Zacks, “Equitrans Midstream Corporation owns, operates, acquires and develops midstream assets primarily in the Appalachian Basin. It manages natural gas transmission, storage and gathering systems, as well as high-and low-pressure gathering lines. Equitrans Midstream Corporation is based in Pittsburgh, United States. “

Separately, Bank of America initiated coverage on Equitrans Midstream in a research report on Tuesday, September 28th. They issued a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $9.60.

Shares of Equitrans Midstream stock traded up $0.08 during trading hours on Wednesday, reaching $10.97. The company had a trading volume of 2,626,317 shares, compared to its average volume of 4,520,325. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.48 and a quick ratio of 1.48. Equitrans Midstream has a one year low of $6.23 and a one year high of $11.10. The firm has a market cap of $4.74 billion, a PE ratio of 13.71 and a beta of 2.06. The business has a fifty day simple moving average of $9.32 and a 200 day simple moving average of $8.75.

Equitrans Midstream (NYSE:ETRN) last issued its quarterly earnings data on Tuesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.02). Equitrans Midstream had a return on equity of 12.76% and a net margin of 28.14%. The business had revenue of $348.30 million during the quarter, compared to analysts’ expectations of $340.87 million. During the same quarter last year, the business posted $0.22 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. On average, research analysts forecast that Equitrans Midstream will post 0.76 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors raised its position in Equitrans Midstream by 34.6% during the first quarter. Captrust Financial Advisors now owns 5,924 shares of the company’s stock valued at $48,000 after purchasing an additional 1,523 shares in the last quarter. Occudo Quantitative Strategies LP raised its position in Equitrans Midstream by 15.3% during the second quarter. Occudo Quantitative Strategies LP now owns 12,972 shares of the company’s stock valued at $110,000 after purchasing an additional 1,719 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in Equitrans Midstream by 1.1% during the second quarter. Chicago Partners Investment Group LLC now owns 192,559 shares of the company’s stock valued at $1,623,000 after purchasing an additional 2,092 shares in the last quarter. AGF Investments Inc. increased its holdings in shares of Equitrans Midstream by 10.9% in the first quarter. AGF Investments Inc. now owns 24,552 shares of the company’s stock worth $200,000 after buying an additional 2,408 shares during the period. Finally, Shelton Capital Management increased its holdings in shares of Equitrans Midstream by 14.1% in the second quarter. Shelton Capital Management now owns 20,127 shares of the company’s stock worth $171,000 after buying an additional 2,487 shares during the period. Institutional investors and hedge funds own 87.75% of the company’s stock.

Equitrans Midstream Company Profile

Equitrans Midstream Corp. has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. It focuses on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. The company operates in the following segments: Gathering, Transmission and Water.

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