Equitrans Midstream Co. (NYSE:ETRN – Get Rating) declared a quarterly dividend on Wednesday, January 25th, Wall Street Journal reports. Stockholders of record on Monday, February 6th will be given a dividend of 0.15 per share on Tuesday, February 14th. This represents a $0.60 annualized dividend and a dividend yield of 8.44%. The ex-dividend date of this dividend is Friday, February 3rd.
Equitrans Midstream has decreased its dividend by an average of 30.1% per year over the last three years. Equitrans Midstream has a dividend payout ratio of 60.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Equitrans Midstream to earn $0.47 per share next year, which means the company may not be able to cover its $0.60 annual dividend with an expected future payout ratio of 127.7%.
Equitrans Midstream Stock Down 0.4 %
Shares of ETRN stock traded down $0.03 during trading hours on Wednesday, hitting $7.11. 2,294,730 shares of the company’s stock traded hands, compared to its average volume of 2,865,446. The stock’s fifty day simple moving average is $7.29 and its two-hundred day simple moving average is $8.00. Equitrans Midstream has a 12-month low of $5.87 and a 12-month high of $9.90. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -1.57, a PEG ratio of 5.98 and a beta of 1.95. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 4.67.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Maverick Capital Ltd. raised its stake in Equitrans Midstream by 11.8% during the 1st quarter. Maverick Capital Ltd. now owns 14,713 shares of the company’s stock valued at $124,000 after purchasing an additional 1,558 shares during the period. Pathstone Family Office LLC raised its stake in Equitrans Midstream by 12.7% during the 3rd quarter. Pathstone Family Office LLC now owns 14,227 shares of the company’s stock valued at $106,000 after purchasing an additional 1,606 shares during the period. Captrust Financial Advisors increased its stake in Equitrans Midstream by 50.6% in the 2nd quarter. Captrust Financial Advisors now owns 6,682 shares of the company’s stock worth $42,000 after acquiring an additional 2,244 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in Equitrans Midstream by 8.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 29,538 shares of the company’s stock worth $257,000 after acquiring an additional 2,349 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Equitrans Midstream by 6.3% in the 1st quarter. Sei Investments Co. now owns 52,703 shares of the company’s stock worth $444,000 after acquiring an additional 3,108 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. Royal Bank of Canada lowered their target price on shares of Equitrans Midstream from $10.00 to $9.00 and set a “sector perform” rating for the company in a report on Wednesday, November 2nd. Wells Fargo & Company downgraded Equitrans Midstream from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $12.00 to $8.00 in a report on Friday, December 16th. Wolfe Research cut Equitrans Midstream from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, October 19th. Barclays dropped their price objective on Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 18th. Finally, Citigroup assumed coverage on Equitrans Midstream in a research report on Thursday, December 8th. They issued a “neutral” rating and a $8.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $8.17.
Equitrans Midstream Company Profile
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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