Scopia Capital Management LP Reduces Position in Equitrans Midstream Co. (NYSE:ETRN)

Scopia Capital Management LP cut its stake in shares of Equitrans Midstream Co. (NYSE:ETRN) by 67.2% during the first quarter, Holdings reports. The institutional investor owned 3,166,772 shares of the company’s stock after selling 6,474,325 shares during the quarter. Equitrans Midstream accounts for about 3.2% of Scopia Capital Management LP’s investment portfolio, making the stock its 11th biggest holding. Scopia Capital Management LP’s holdings in Equitrans Midstream were worth $25,841,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in shares of Equitrans Midstream during the first quarter valued at $72,000. Captrust Financial Advisors grew its holdings in shares of Equitrans Midstream by 34.6% during the first quarter. Captrust Financial Advisors now owns 5,924 shares of the company’s stock valued at $48,000 after buying an additional 1,523 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Equitrans Midstream during the fourth quarter valued at $51,000. Certified Advisory Corp purchased a new stake in shares of Equitrans Midstream during the first quarter valued at $69,000. Finally, Advisors Capital Management LLC purchased a new stake in shares of Equitrans Midstream during the first quarter valued at $82,000. 86.59% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have recently weighed in 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 report on Wednesday, June 2nd. Wells Fargo & Company restated an “underweight” rating and set a $9.00 target price on shares of Equitrans Midstream in a research report on Wednesday, May 19th. Finally, 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. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $10.18.

NYSE ETRN traded up $0.02 on Thursday, reaching $8.13. 66,090 shares of the company’s stock traded hands, compared to its average volume of 6,274,588. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 9.54 and a beta of 2.26. The business has a 50 day moving average of $8.72. Equitrans Midstream Co. has a fifty-two week low of $6.23 and a fifty-two week high of $11.66. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.00 and a current ratio of 1.00.

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

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Wednesday, May 5th were given a $0.15 dividend. The ex-dividend date of this dividend was Tuesday, May 4th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.38%. Equitrans Midstream’s dividend payout ratio (DPR) is currently 46.51%.

Equitrans Midstream 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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