Tortoise Capital Advisors L.L.C. Raises Position in Equitrans Midstream Co. (NYSE:ETRN)

Tortoise Capital Advisors L.L.C. increased its holdings in Equitrans Midstream Co. (NYSE:ETRN) by 1,154.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,631,831 shares of the company’s stock after purchasing an additional 9,783,967 shares during the quarter. Equitrans Midstream accounts for 1.5% of Tortoise Capital Advisors L.L.C.’s investment portfolio, making the stock its 20th biggest position. Tortoise Capital Advisors L.L.C. owned 2.46% of Equitrans Midstream worth $86,756,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Voloridge Investment Management LLC purchased a new position in Equitrans Midstream in the 1st quarter worth $1,048,000. Zimmer Partners LP raised its position in Equitrans Midstream by 11.2% in the 1st quarter. Zimmer Partners LP now owns 10,733,087 shares of the company’s stock worth $87,582,000 after purchasing an additional 1,078,190 shares during the period. D. E. Shaw & Co. Inc. raised its position in Equitrans Midstream by 6,331.3% in the 1st quarter. D. E. Shaw & Co. Inc. now owns 1,016,145 shares of the company’s stock worth $8,292,000 after purchasing an additional 1,000,345 shares during the period. Cubist Systematic Strategies LLC raised its position in Equitrans Midstream by 8.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 384,722 shares of the company’s stock worth $3,139,000 after purchasing an additional 29,973 shares during the period. Finally, Holocene Advisors LP purchased a new position in shares of Equitrans Midstream in the first quarter valued at about $3,699,000. Institutional investors own 86.59% of the company’s stock.

Shares of ETRN traded up $0.03 during trading hours on Thursday, reaching $8.14. 65,880 shares of the company traded hands, compared to its average volume of 6,274,588. Equitrans Midstream Co. has a 12 month low of $6.23 and a 12 month high of $11.66. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a fifty day moving average price of $8.72. The stock has a market cap of $3.52 billion, a P/E ratio of 9.54 and a beta of 2.26.

Equitrans Midstream (NYSE:ETRN) last posted its quarterly earnings data on Tuesday, May 4th. The company reported $0.19 EPS for the quarter, hitting the consensus estimate of $0.19. Equitrans Midstream had a net margin of 29.64% and a return on equity of 13.25%. The business had revenue of $379.99 million for the quarter, compared to analyst estimates of $373.97 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Equitrans Midstream’s quarterly revenue was down 16.1% on a year-over-year basis. Equities analysts anticipate that Equitrans Midstream Co. will post 0.87 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Wednesday, May 5th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 7.37%. The ex-dividend date was Tuesday, May 4th. Equitrans Midstream’s payout ratio is currently 46.51%.

A number of research firms have issued reports on ETRN. Barclays boosted their price objective on shares of Equitrans Midstream from $7.00 to $9.00 and gave the company an “underweight” rating in a research report on Wednesday, June 2nd. Zacks Investment Research upgraded shares of Equitrans Midstream from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 25th. Finally, Wells Fargo & Company restated an “underweight” rating and issued a $9.00 price objective on shares of Equitrans Midstream in a research report on Wednesday, May 19th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Equitrans Midstream currently has an average rating of “Hold” and a consensus price target of $10.18.

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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Institutional Ownership by Quarter for Equitrans Midstream (NYSE:ETRN)

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