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

Equitrans Midstream Co. (NYSE:ETRN)’s stock price 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 changing hands. The stock had previously closed at $12.86.

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

Wall Street Analyst Weigh In

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

Equitrans Midstream Stock Up 4.2 %

The company’s fifty day simple moving average is $11.64 and its 200-day simple moving average is $10.43. The company has a debt-to-equity ratio of 4.83, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market capitalization of $5.86 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 1.71 and a beta of 1.97.

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

Institutional Investors Weigh In On Equitrans Midstream

A number of large investors have recently made changes to their positions in ETRN. Norges Bank purchased a new stake in shares of Equitrans Midstream during the fourth quarter valued at $50,093,000. Kayne Anderson Capital Advisors LP purchased a new stake in shares of Equitrans Midstream during the third quarter valued at $19,163,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Equitrans Midstream by 28.5% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 7,931,370 shares of the company’s stock valued at $80,741,000 after buying an additional 1,758,270 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Equitrans Midstream by 3.5% during the third quarter. Vanguard Group Inc. now owns 47,037,992 shares of the company’s stock valued at $440,746,000 after buying an additional 1,572,136 shares during the last quarter. Finally, Recurrent Investment Advisors LLC grew its holdings in shares of Equitrans Midstream by 55.5% during the third quarter. Recurrent Investment Advisors LLC now owns 3,875,686 shares of the company’s stock valued at $36,315,000 after buying an additional 1,383,451 shares during the last quarter. 87.35% of the stock is owned by hedge funds and other 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.