Pinnacle Holdings LLC Increases Stock Position in Equitrans Midstream (NASDAQ:ETRN)

Pinnacle Holdings LLC increased its position in Equitrans Midstream (NASDAQ:ETRN) by 92.8% in the second quarter, Holdings Channel.com reports. The fund owned 21,450 shares of the company’s stock after purchasing an additional 10,325 shares during the period. Pinnacle Holdings LLC’s holdings in Equitrans Midstream were worth $423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ETRN. Dimensional Fund Advisors LP purchased a new position in Equitrans Midstream in the 4th quarter worth approximately $12,091,000. Geode Capital Management LLC bought a new stake in Equitrans Midstream in the 4th quarter worth approximately $36,356,000. Bank of Montreal Can bought a new stake in Equitrans Midstream in the 1st quarter worth approximately $179,000. SG Americas Securities LLC grew its position in Equitrans Midstream by 96.5% in the 1st quarter. SG Americas Securities LLC now owns 28,970 shares of the company’s stock worth $631,000 after purchasing an additional 14,227 shares during the period. Finally, Boston Partners grew its position in Equitrans Midstream by 0.4% in the 1st quarter. Boston Partners now owns 149,367 shares of the company’s stock worth $3,253,000 after purchasing an additional 611 shares during the period.

In other Equitrans Midstream news, Chairman Thomas F. Karam acquired 100,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was purchased at an average price of $16.11 per share, with a total value of $1,611,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Margaret K. Dorman acquired 7,750 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $16.11 per share, with a total value of $124,852.50. The disclosure for this purchase can be found here. In the last three months, insiders have bought 121,450 shares of company stock valued at $1,956,423.



Shares of ETRN stock traded up $0.12 during mid-day trading on Friday, reaching $13.42. 78,870 shares of the company’s stock traded hands, compared to its average volume of 2,172,685. Equitrans Midstream has a 12 month low of $12.31 and a 12 month high of $23.47. The firm has a 50 day moving average price of $14.46 and a two-hundred day moving average price of $18.74.

Equitrans Midstream (NASDAQ:ETRN) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.18. The business had revenue of $406.17 million for the quarter, compared to the consensus estimate of $413.30 million.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Tuesday, August 13th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 13.41%. The ex-dividend date of this dividend was Monday, August 12th.

ETRN has been the subject of a number of research analyst reports. Bank of America initiated coverage on shares of Equitrans Midstream in a research report on Monday, June 17th. They issued a “neutral” rating and a $21.00 target price for the company. UBS Group initiated coverage on shares of Equitrans Midstream in a research report on Tuesday, August 6th. They issued a “neutral” rating and a $15.00 target price for the company. Zacks Investment Research downgraded shares of Equitrans Midstream from a “hold” rating to a “sell” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada set a $19.00 target price on shares of Equitrans Midstream and gave the stock a “hold” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. Equitrans Midstream has an average rating of “Hold” and an average target price of $22.11.

Equitrans Midstream Profile

Equitrans Midstream Corp. is a wholly-owned subsidiary of EQT. It doesn’t have business operations. The company was founded on February 21, 2018 and is headquartered in Canonsburg, PA.

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

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