Jennison Associates LLC Reduces Holdings in Equitrans Midstream Co. (NYSE:ETRN)

Jennison Associates LLC decreased its holdings in shares of Equitrans Midstream Co. (NYSE:ETRN) by 13.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,242,472 shares of the company’s stock after selling 348,972 shares during the period. Jennison Associates LLC owned approximately 0.52% of Equitrans Midstream worth $22,828,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AlphaMark Advisors LLC lifted its holdings in shares of Equitrans Midstream by 66.2% during the third quarter. AlphaMark Advisors LLC now owns 5,650 shares of the company’s stock worth $53,000 after purchasing an additional 2,250 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Equitrans Midstream during the third quarter worth about $55,000. Operose Advisors LLC acquired a new stake in shares of Equitrans Midstream during the third quarter worth about $56,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Equitrans Midstream during the third quarter worth about $93,000. Finally, IFP Advisors Inc lifted its holdings in shares of Equitrans Midstream by 688.2% during the third quarter. IFP Advisors Inc now owns 12,604 shares of the company’s stock worth $118,000 after purchasing an additional 11,005 shares during the period. Hedge funds and other institutional investors own 87.35% of the company’s stock.

Equitrans Midstream Stock Up 2.1 %

Shares of ETRN opened at $13.72 on Friday. Equitrans Midstream Co. has a 52-week low of $4.65 and a 52-week high of $13.75. The company has a market capitalization of $5.99 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 1.79 and a beta of 1.97. The stock has a fifty day simple moving average of $11.70 and a two-hundred day simple moving average of $10.45. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 4.83.

Equitrans Midstream (NYSE:ETRN) last issued its earnings results on Tuesday, February 20th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.16. Equitrans Midstream had a return on equity of 30.41% and a net margin of 30.89%. The business had revenue of $360.60 million during the quarter, compared to the consensus estimate of $348.04 million. During the same period last year, the company earned $0.13 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, equities analysts forecast that Equitrans Midstream Co. will post 0.87 EPS for the current year.

Equitrans Midstream Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, May 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date is Monday, May 6th. Equitrans Midstream’s payout ratio is 67.42%.

Analysts Set New Price Targets

ETRN has been the subject of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $13.00 target price on shares of Equitrans Midstream in a report on Thursday, March 7th. Barclays upped their price objective on Equitrans Midstream from $6.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Monday, February 26th. Finally, Morgan Stanley lowered their price objective on Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Equitrans Midstream presently has an average rating of “Hold” and an average target price of $10.86.

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.