Equitrans Midstream (NYSE:ETRN) Reaches New 1-Year High After Dividend Announcement

Equitrans Midstream Co. (NYSE:ETRN) shares reached a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $13.08 and last traded at $13.07, with a volume of 1579102 shares. The stock had previously closed at $12.86.

The newly announced dividend which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be issued a $0.15 dividend. The ex-dividend date is Monday, May 6th. This represents a $0.60 annualized dividend and a yield of 4.47%. Equitrans Midstream’s payout ratio is currently 67.42%.

Wall Street Analyst Weigh In

ETRN has been the topic of several recent research reports. TheStreet upgraded Equitrans Midstream from a “d+” rating to a “c-” rating in a report on Wednesday, December 27th. Royal Bank of Canada reiterated an “outperform” rating and issued a $13.00 price target on shares of Equitrans Midstream in a report on Thursday, March 7th. Barclays increased their price objective on Equitrans Midstream from $6.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Monday, February 26th. Finally, Morgan Stanley lowered their price objective on Equitrans Midstream from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $10.86.

Equitrans Midstream Stock Up 4.2 %

The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 4.83. The company has a market capitalization of $5.86 billion, a PE ratio of 15.08, a P/E/G ratio of 1.71 and a beta of 1.97. The stock has a 50-day moving average of $11.64 and a 200 day moving average of $10.43.

Equitrans Midstream (NYSE:ETRN) last issued its quarterly earnings results on Tuesday, February 20th. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.16. The company had revenue of $360.60 million during the quarter, compared to the consensus estimate of $348.04 million. Equitrans Midstream had a return on equity of 30.41% and a net margin of 30.89%. Equitrans Midstream’s revenue was up 1.5% on a year-over-year basis. During the same period last year, the business posted $0.13 earnings per share. Sell-side analysts anticipate that Equitrans Midstream Co. will post 0.87 EPS for the current year.

Hedge Funds Weigh In On Equitrans Midstream

Several institutional investors and hedge funds have recently bought and sold shares of ETRN. Rise Advisors LLC bought a new position in Equitrans Midstream during the first quarter valued at $25,000. Harvest Fund Management Co. Ltd bought a new stake in Equitrans Midstream during the fourth quarter worth about $39,000. AlphaMark Advisors LLC lifted its stake in Equitrans Midstream by 66.2% during the third quarter. AlphaMark Advisors LLC now owns 5,650 shares of the company’s stock worth $53,000 after purchasing an additional 2,250 shares during the last quarter. Mather Group LLC. bought a new stake in Equitrans Midstream during the first quarter worth about $54,000. Finally, DekaBank Deutsche Girozentrale bought a new stake in Equitrans Midstream during the third quarter worth about $55,000. 87.35% of the stock is owned by institutional investors.

About Equitrans Midstream

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.