Equitrans Midstream (NYSE:ETRN) Raised to “Buy” at Zacks Investment Research

Equitrans Midstream (NYSE:ETRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The brokerage presently has a $12.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.39% from the stock’s previous close.

According to Zacks, “Equitrans Midstream Corporation owns, operates, acquires and develops midstream assets primarily in the Appalachian Basin. It manages natural gas transmission, storage and gathering systems, as well as high-and low-pressure gathering lines. Equitrans Midstream Corporation is based in Pittsburgh, United States. “

Separately, Bank of America initiated coverage on Equitrans Midstream in a research report on Tuesday, September 28th. They set a “neutral” rating on the stock. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Equitrans Midstream presently has a consensus rating of “Hold” and a consensus price target of $9.60.

Shares of Equitrans Midstream stock traded up $0.08 during trading on Wednesday, reaching $10.97. 2,626,317 shares of the company’s stock were exchanged, compared to its average volume of 4,520,325. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.48 and a current ratio of 1.48. Equitrans Midstream has a 1-year low of $6.23 and a 1-year high of $11.10. The company has a market cap of $4.74 billion, a P/E ratio of 13.71 and a beta of 2.06. The firm’s 50-day moving average price is $9.32 and its 200 day moving average price is $8.75.

Equitrans Midstream (NYSE:ETRN) last posted its quarterly earnings results on Tuesday, August 3rd. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). Equitrans Midstream had a return on equity of 12.76% and a net margin of 28.14%. The business had revenue of $348.30 million for the quarter, compared to analyst estimates of $340.87 million. During the same period last year, the firm posted $0.22 EPS. Equitrans Midstream’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts predict that Equitrans Midstream will post 0.76 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETRN. Marshall Wace North America L.P. bought a new stake in shares of Equitrans Midstream in the 1st quarter valued at about $72,000. Amundi Pioneer Asset Management Inc. grew its position in shares of Equitrans Midstream by 81.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 70,847 shares of the company’s stock valued at $1,543,000 after buying an additional 31,824 shares during the last quarter. Commonwealth Equity Services LLC bought a new stake in shares of Equitrans Midstream in the 1st quarter valued at about $85,000. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Equitrans Midstream during the 1st quarter valued at about $146,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Equitrans Midstream by 121.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 119,840 shares of the company’s stock valued at $964,000 after purchasing an additional 65,740 shares in the last quarter. Hedge funds and other institutional investors own 87.75% of the company’s stock.

Equitrans Midstream Company Profile

Equitrans Midstream Corp. has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. It focuses on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. The company operates in the following segments: Gathering, Transmission and Water.

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Analyst Recommendations for Equitrans Midstream (NYSE:ETRN)

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