Equitrans Midstream Co. (NYSE:ETRN - Get Rating) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 16,390,000 shares, a drop of 12.1% from the October 15th total of 18,640,000 shares. Based on an average trading volume of 4,480,000 shares, the short-interest ratio is presently 3.7 days. Currently, 3.8% of the company's stock are sold short.
Equitrans Midstream Stock Performance
Shares of NYSE:ETRN traded down $0.21 during trading on Thursday, reaching $7.94. 2,382,044 shares of the stock were exchanged, compared to its average volume of 5,282,848. Equitrans Midstream has a 12 month low of $5.87 and a 12 month high of $11.22. The firm has a market cap of $3.45 billion, a PE ratio of -1.75, a PEG ratio of 5.73 and a beta of 1.94. The stock has a 50-day moving average price of $8.33 and a 200-day moving average price of $8.02. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 4.67.
Equitrans Midstream Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Wednesday, November 2nd were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 7.56%. The ex-dividend date of this dividend was Tuesday, November 1st. Equitrans Midstream's dividend payout ratio is presently -13.19%.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Royal Bank of Canada decreased their price objective on Equitrans Midstream from $10.00 to $9.00 and set a "sector perform" rating for the company in a report on Wednesday, November 2nd. Bank of America cut Equitrans Midstream from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $9.00 to $6.50 in a report on Wednesday, September 28th. TheStreet cut Equitrans Midstream from a "c-" rating to a "d" rating in a report on Monday, September 26th. Morgan Stanley reduced their price target on Equitrans Midstream from $8.00 to $7.00 and set an "underweight" rating for the company in a report on Wednesday, July 20th. Finally, Barclays reduced their price target on Equitrans Midstream from $9.00 to $8.00 and set an "equal weight" rating for the company in a report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.69.
Institutional Investors Weigh In On Equitrans Midstream
A number of institutional investors have recently made changes to their positions in the company. Signaturefd LLC boosted its holdings in shares of Equitrans Midstream by 51.4% during the first quarter. Signaturefd LLC now owns 4,114 shares of the company's stock worth $35,000 after acquiring an additional 1,397 shares during the period. MML Investors Services LLC raised its position in shares of Equitrans Midstream by 9.0% in the third quarter. MML Investors Services LLC now owns 17,360 shares of the company's stock valued at $130,000 after buying an additional 1,437 shares in the last quarter. Maverick Capital Ltd. raised its position in shares of Equitrans Midstream by 11.8% in the first quarter. Maverick Capital Ltd. now owns 14,713 shares of the company's stock valued at $124,000 after buying an additional 1,558 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Equitrans Midstream by 2.7% in the third quarter. State of Alaska Department of Revenue now owns 60,039 shares of the company's stock valued at $449,000 after buying an additional 1,585 shares in the last quarter. Finally, Pathstone Family Office LLC raised its position in shares of Equitrans Midstream by 12.7% in the third quarter. Pathstone Family Office LLC now owns 14,227 shares of the company's stock valued at $106,000 after buying an additional 1,606 shares in the last quarter. Institutional investors own 92.41% of the company's stock.
About Equitrans Midstream
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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