Mutual of America Capital Management LLC lowered its stake in shares of Equitrans Midstream Co. (NYSE:ETRN – Get Rating) by 8.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 340,215 shares of the company’s stock after selling 30,550 shares during the quarter. Mutual of America Capital Management LLC owned about 0.08% of Equitrans Midstream worth $2,164,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Texas Permanent School Fund lifted its position in Equitrans Midstream by 1.6% in the second quarter. Texas Permanent School Fund now owns 292,886 shares of the company’s stock valued at $1,863,000 after purchasing an additional 4,660 shares during the period. Truist Financial Corp acquired a new stake in Equitrans Midstream in the first quarter valued at about $110,000. MetLife Investment Management LLC lifted its position in Equitrans Midstream by 40.0% in the first quarter. MetLife Investment Management LLC now owns 467,897 shares of the company’s stock valued at $3,949,000 after purchasing an additional 133,631 shares during the period. Oppenheimer & Co. Inc. lifted its position in Equitrans Midstream by 28.4% in the second quarter. Oppenheimer & Co. Inc. now owns 274,880 shares of the company’s stock valued at $1,748,000 after purchasing an additional 60,730 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Equitrans Midstream by 273.5% in the second quarter. Russell Investments Group Ltd. now owns 439,226 shares of the company’s stock valued at $2,791,000 after purchasing an additional 321,622 shares during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently commented on ETRN. Wells Fargo & Company reduced their price objective on shares of Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, November 7th. TheStreet downgraded shares of Equitrans Midstream from a “c-” rating to a “d” rating in a research report on Monday, September 26th. Royal Bank of Canada reduced their price target on shares of Equitrans Midstream from $10.00 to $9.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 2nd. Bank of America downgraded shares of Equitrans Midstream from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $9.00 to $6.50 in a research report on Wednesday, September 28th. Finally, Wolfe Research downgraded shares of Equitrans Midstream from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 19th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.69.
Equitrans Midstream Trading Down 2.1 %
Equitrans Midstream (NYSE:ETRN – Get Rating) last released its earnings results on Tuesday, November 1st. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $331.75 million during the quarter, compared to analysts’ expectations of $364.03 million. Equitrans Midstream had a positive return on equity of 8.31% and a negative net margin of 153.15%. Sell-side analysts anticipate that Equitrans Midstream Co. will post 0.56 EPS for the current fiscal year.
Equitrans Midstream Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Wednesday, November 2nd were paid a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, November 1st. This represents a $0.60 annualized dividend and a yield of 7.49%. Equitrans Midstream’s payout ratio is currently -13.19%.
About Equitrans Midstream
Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.
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