Traders Buy EQT Midstream Partners LP (EQM) on Weakness
Traders bought shares of EQT Midstream Partners LP (NYSE:EQM) on weakness during trading hours on Thursday. $15.91 million flowed into the stock on the tick-up and $7.14 million flowed out of the stock on the tick-down, for a money net flow of $8.77 million into the stock. Of all equities tracked, EQT Midstream Partners had the 27th highest net in-flow for the day. EQT Midstream Partners traded down ($1.16) for the day and closed at $77.00
Separately, Zacks Investment Research raised EQT Midstream Partners from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. EQT Midstream Partners currently has an average rating of “Buy” and a consensus price target of $90.68.
The company’s 50-day moving average is $77.34 and its 200 day moving average is $74.01. The firm has a market cap of $6.17 billion and a P/E ratio of 15.14.
EQT Midstream Partners (NYSE:EQM) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.27 EPS for the quarter, beating the consensus estimate of $1.15 by $0.12. During the same period in the previous year, the business posted $1.12 earnings per share. The business earned $172 million during the quarter, compared to analyst estimates of $172.47 million. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. On average, analysts expect that EQT Midstream Partners LP will post $5.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 12th. Stockholders of record on Friday, August 5th will be given a $0.78 dividend. The ex-dividend date is Wednesday, August 3rd. This represents a $3.12 annualized dividend and a dividend yield of 4.08%. This is a positive change from EQT Midstream Partners’s previous quarterly dividend of $0.75.
Other institutional investors have recently added to or reduced their stakes in the company. Kayne Anderson Capital Advisors LP increased its position in EQT Midstream Partners by 19.8% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 3,079,080 shares of the company’s stock valued at $232,333,000 after buying an additional 509,272 shares during the period. Chickasaw Capital Management LLC increased its position in EQT Midstream Partners by 8.5% in the fourth quarter. Chickasaw Capital Management LLC now owns 1,332,730 shares of the company’s stock valued at $100,568,000 after buying an additional 104,485 shares during the period. Advantus Capital Management Inc purchased a new position in EQT Midstream Partners during the fourth quarter valued at $2,332,000. Bank of Montreal Can increased its position in EQT Midstream Partners by 39,723.0% in the fourth quarter. Bank of Montreal Can now owns 135,000 shares of the company’s stock valued at $10,187,000 after buying an additional 134,661 shares during the period. Finally, Jennison Associates LLC increased its position in EQT Midstream Partners by 142.1% in the fourth quarter. Jennison Associates LLC now owns 92,797 shares of the company’s stock valued at $7,002,000 after buying an additional 54,469 shares during the period.
EQT Midstream Partners, LP (EQM) owns, operates, acquires and develops midstream assets in the Appalachian Basin. The Company operates through two segments: Transmission and storage, which includes its Federal Energy Regulatory Commission (FERC)-regulated interstate pipeline and storage business, and Gathering, which includes high pressure gathering lines and the FERC-regulated low pressure gathering system.
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