PNC Financial Services Group Inc. Grows Position in Equitrans Midstream Co. (NYSE:ETRN)

PNC Financial Services Group Inc. grew its stake in shares of Equitrans Midstream Co. (NYSE:ETRN) by 11.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,947 shares of the company’s stock after purchasing an additional 4,079 shares during the period. PNC Financial Services Group Inc.’s holdings in Equitrans Midstream were worth $407,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd acquired a new position in Equitrans Midstream during the fourth quarter worth about $39,000. Hexagon Capital Partners LLC boosted its stake in shares of Equitrans Midstream by 185.8% during the 4th quarter. Hexagon Capital Partners LLC now owns 5,716 shares of the company’s stock worth $58,000 after acquiring an additional 3,716 shares in the last quarter. Quest Partners LLC purchased a new position in Equitrans Midstream in the 4th quarter valued at approximately $101,000. B. Riley Wealth Advisors Inc. acquired a new position in Equitrans Midstream during the fourth quarter worth $115,000. Finally, KPP Advisory Services LLC purchased a new stake in Equitrans Midstream during the third quarter worth $125,000. Hedge funds and other institutional investors own 87.35% of the company’s stock.

Equitrans Midstream Stock Down 0.6 %

ETRN stock opened at $12.97 on Friday. The company has a 50 day moving average price of $13.70 and a two-hundred day moving average price of $11.89. 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 stock has a market capitalization of $5.62 billion, a P/E ratio of 14.41, a PEG ratio of 11.31 and a beta of 1.98. Equitrans Midstream Co. has a one year low of $8.44 and a one year high of $14.64.

Equitrans Midstream (NYSE:ETRN) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. Equitrans Midstream had a return on equity of 30.21% and a net margin of 31.69%. The business had revenue of $364.27 million during the quarter, compared to the consensus estimate of $345.79 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts expect that Equitrans Midstream Co. will post 0.78 EPS for the current year.

Equitrans Midstream Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, May 7th were given a $0.15 dividend. The ex-dividend date was Monday, May 6th. This represents a $0.60 annualized dividend and a dividend yield of 4.63%. Equitrans Midstream’s dividend payout ratio is presently 66.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. US Capital Advisors cut Equitrans Midstream from an “overweight” rating to a “hold” rating in a research report on Monday, April 29th. Morgan Stanley upped their price target on shares of Equitrans Midstream from $13.00 to $17.00 and gave the company an “overweight” rating in a report on Monday, June 10th. Wells Fargo & Company raised their price objective on shares of Equitrans Midstream from $12.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $13.00 target price on shares of Equitrans Midstream in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Equitrans Midstream currently has a consensus rating of “Hold” and a consensus 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.