Equitrans Midstream (NASDAQ:ETRN) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Equitrans Midstream (NASDAQ:ETRN) from a hold rating to a sell rating in a report released on Saturday, Zacks.com reports.

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. “

Other analysts have also issued research reports about the company. UBS Group lifted their price objective on Equitrans Midstream from $10.00 to $14.00 and gave the stock a buy rating in a report on Tuesday, August 11th. Morgan Stanley assumed coverage on Equitrans Midstream in a research note on Friday, September 25th. They issued an equal weight rating and a $10.00 price target on the stock. Credit Suisse Group decreased their price target on Equitrans Midstream from $14.00 to $12.00 and set an outperform rating on the stock in a research note on Thursday, November 12th. Bank of America raised Equitrans Midstream from an underperform rating to a neutral rating in a research note on Wednesday. Finally, BidaskClub lowered Equitrans Midstream from a sell rating to a strong sell rating in a research note on Wednesday, October 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $11.53.

Shares of NASDAQ:ETRN opened at $7.80 on Friday. Equitrans Midstream has a 1-year low of $3.75 and a 1-year high of $13.81. The business’s 50 day moving average is $7.75 and its 200-day moving average is $8.85.

Equitrans Midstream (NASDAQ:ETRN) last announced its quarterly earnings data on Sunday, November 8th. The company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.01). The firm had revenue of $350.00 million during the quarter, compared to the consensus estimate of $366.97 million. The company’s revenue for the quarter was down 14.3% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 13th. Shareholders of record on Tuesday, November 3rd were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 2nd. This represents a $0.60 annualized dividend and a yield of 7.69%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio raised its position in Equitrans Midstream by 5.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 180,540 shares of the company’s stock valued at $1,527,000 after purchasing an additional 8,951 shares during the last quarter. California State Teachers Retirement System raised its position in Equitrans Midstream by 5.0% in the 3rd quarter. California State Teachers Retirement System now owns 722,330 shares of the company’s stock valued at $6,111,000 after purchasing an additional 34,507 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in Equitrans Midstream by 42.9% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 30,837 shares of the company’s stock valued at $261,000 after purchasing an additional 9,262 shares during the last quarter. AQR Capital Management LLC raised its position in Equitrans Midstream by 15.3% in the 3rd quarter. AQR Capital Management LLC now owns 23,925 shares of the company’s stock valued at $202,000 after purchasing an additional 3,171 shares during the last quarter. Finally, Energy Income Partners LLC raised its position in Equitrans Midstream by 152.7% in the 3rd quarter. Energy Income Partners LLC now owns 3,695,970 shares of the company’s stock valued at $31,268,000 after purchasing an additional 2,233,180 shares during the last quarter.

Equitrans Midstream Company 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, Transmission, and Water. The Gathering System segment include 990 miles of high-pressure gathering lines with compression of approximately 445,000 horsepower and multiple interconnect points; and approximately 920 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.

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