Equitrans Midstream Co. (NYSE:ETRN) Short Interest Down 8.4% in June

Equitrans Midstream Co. (NYSE:ETRN) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 11,130,000 shares, a drop of 8.4% from the June 15th total of 12,150,000 shares. Based on an average daily trading volume, of 5,760,000 shares, the short-interest ratio is presently 1.9 days.

Equitrans Midstream Stock Performance

Shares of Equitrans Midstream stock traded down $0.11 during mid-day trading on Wednesday, hitting $12.45. 13,004,790 shares of the stock were exchanged, compared to its average volume of 6,047,374. Equitrans Midstream has a 12 month low of $8.57 and a 12 month high of $14.64. The company has a 50-day simple moving average of $13.53 and a 200 day simple moving average of $12.15. The company has a debt-to-equity ratio of 4.88, a quick ratio of 0.63 and a current ratio of 0.63. The company has a market capitalization of $5.40 billion, a P/E ratio of 13.83, a P/E/G ratio of 11.60 and a beta of 2.01.

Equitrans Midstream (NYSE:ETRN) last posted its earnings results on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. Equitrans Midstream had a net margin of 31.69% and a return on equity of 30.21%. The firm had revenue of $364.27 million for the quarter, compared to analysts’ expectations of $345.79 million. During the same quarter last year, the firm earned $0.22 EPS. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. Sell-side analysts anticipate that Equitrans Midstream will post 0.75 earnings per share for the current fiscal year.

Equitrans Midstream Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th were given a dividend of $0.15 per share. The ex-dividend date was Monday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 4.82%. Equitrans Midstream’s dividend payout ratio is currently 66.67%.

Hedge Funds Weigh In On Equitrans Midstream

Hedge funds have recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Equitrans Midstream in the 2nd quarter worth approximately $172,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Equitrans Midstream by 3.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 28,020 shares of the company’s stock worth $364,000 after purchasing an additional 886 shares during the period. Twelve Points Wealth Management LLC bought a new stake in shares of Equitrans Midstream in the 2nd quarter worth approximately $142,000. NBW Capital LLC raised its holdings in shares of Equitrans Midstream by 4.2% in the 1st quarter. NBW Capital LLC now owns 288,953 shares of the company’s stock worth $3,609,000 after purchasing an additional 11,633 shares during the period. Finally, Cetera Advisors LLC raised its holdings in shares of Equitrans Midstream by 14.8% in the 1st quarter. Cetera Advisors LLC now owns 103,609 shares of the company’s stock worth $1,294,000 after purchasing an additional 13,345 shares during the period. Institutional investors own 87.35% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ETRN shares. Morgan Stanley raised their price target on shares of Equitrans Midstream from $13.00 to $17.00 and gave the company an “overweight” rating in a research report on Monday, June 10th. US Capital Advisors cut shares of Equitrans Midstream from an “overweight” rating to a “hold” rating in a research report on Monday, April 29th. Finally, Wells Fargo & Company raised their price target on shares of Equitrans Midstream from $12.00 to $13.00 and gave the company an “equal weight” rating in a research report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Equitrans Midstream currently has a consensus rating of “Hold” and an average target price of $13.10.

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.