Equitrans Midstream (NYSE:ETRN) Price Target Raised to $13.00 at Wells Fargo & Company

Equitrans Midstream (NYSE:ETRN) had its target price increased by Wells Fargo & Company from $12.00 to $13.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on ETRN. Barclays boosted their price target on Equitrans Midstream from $6.00 to $11.00 and gave the company an equal weight rating in a research report on Monday, February 26th. US Capital Advisors downgraded Equitrans Midstream from an overweight rating to a hold rating in a report on Monday, April 29th. Royal Bank of Canada reissued an outperform rating and set a $13.00 price target on shares of Equitrans Midstream in a report on Thursday, March 7th. Finally, Morgan Stanley decreased their target price on shares of Equitrans Midstream from $13.00 to $12.00 and set an overweight rating on the stock in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Equitrans Midstream currently has a consensus rating of Hold and an average price target of $11.19.

Equitrans Midstream Stock Up 1.6 %

Shares of NYSE ETRN opened at $13.66 on Thursday. The company has a debt-to-equity ratio of 4.88, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market capitalization of $5.92 billion, a price-to-earnings ratio of 15.18, a price-to-earnings-growth ratio of 1.85 and a beta of 1.93. The business has a 50-day moving average of $12.06 and a two-hundred day moving average of $10.63. Equitrans Midstream has a 1 year low of $4.65 and a 1 year high of $14.21.

Equitrans Midstream (NYSE:ETRN) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The firm had revenue of $364.27 million during the quarter, compared to analysts’ expectations of $345.79 million. Equitrans Midstream had a net margin of 31.69% and a return on equity of 30.21%. Equitrans Midstream’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 EPS. On average, analysts forecast that Equitrans Midstream will post 0.86 earnings per share for the current fiscal year.

Equitrans Midstream Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be paid a $0.15 dividend. The ex-dividend date is Monday, May 6th. This represents a $0.60 annualized dividend and a yield of 4.39%. Equitrans Midstream’s payout ratio is currently 66.67%.

Hedge Funds Weigh In On Equitrans Midstream

Several institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. grew its holdings in Equitrans Midstream by 5.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,316 shares of the company’s stock valued at $312,000 after buying an additional 1,635 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Equitrans Midstream by 23.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 91,988 shares of the company’s stock worth $862,000 after purchasing an additional 17,287 shares during the last quarter. Strs Ohio increased its position in Equitrans Midstream by 38.9% during the third quarter. Strs Ohio now owns 52,800 shares of the company’s stock worth $494,000 after purchasing an additional 14,800 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in Equitrans Midstream by 0.9% during the third quarter. Chicago Partners Investment Group LLC now owns 189,541 shares of the company’s stock worth $1,689,000 after purchasing an additional 1,681 shares during the period. Finally, CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Equitrans Midstream by 5.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 4,129,822 shares of the company’s stock valued at $38,696,000 after purchasing an additional 197,463 shares during the last quarter. 87.35% of the stock is currently owned by institutional investors and hedge funds.

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.