Stock traders buy large volume of put options on Equitrans Midstream (NYSE:ETRN)
Equitrans Midstream Co. (NYSE: ETRN – Get a rating) saw unusually heavy options trading activity on Monday. Stock traders bought 2,585 put options on the stock. This represents a 166% increase from the average daily volume of 973 put options.
Equitrans Midstream Institutional Negotiation
Several institutional investors have recently increased or reduced their stake in the stock. Northwestern Mutual Wealth Management Co. acquired a new equity stake in Equitrans Midstream during the second quarter valued at $32,000. Signaturefd LLC increased its holdings of Equitrans Midstream shares by 51.4% during the first quarter. Signaturefd LLC now owns 4,114 shares of the company worth $35,000 after purchasing an additional 1,397 shares during the period. EverSource Wealth Advisors LLC increased its holdings of Equitrans Midstream shares by 519.3% during the first quarter. EverSource Wealth Advisors LLC now owns 4,211 shares of the company worth $36,000 after purchasing 3,531 additional shares during the period. Chilton Capital Management LLC acquired a new stake in shares of Equitrans Midstream during the second quarter at a value of $36,000. Finally, Parallel Advisors LLC increased its equity stake in Equitrans Midstream by 75.0% during the first quarter. Parallel Advisors LLC now owns 4,717 shares of the company worth $40,000 after purchasing an additional 2,021 shares during the period. 92.41% of the shares are held by institutional investors and hedge funds.
Analysts set new price targets
ETRN has been the subject of several research reports. Wells Fargo & Company upgraded shares of Equitrans Midstream from an “equal weight” rating to an “overweight” rating and set a price target of $13.00 for the company in a Wednesday research note August 10. Royal Bank of Canada raised its price target on Equitrans Midstream shares from $9.00 to $10.00 and gave the stock an “sector performance” rating in a Wednesday research note August 3. Barclays lowered its price target on Equitrans Midstream shares from $9.00 to $8.00 and set an “equal weight” rating for the company in a Wednesday July 20 research note. US Capital Advisors reiterated a “hold” rating on Equitrans Midstream shares in a Wednesday, June 1 research note. Finally, Morgan Stanley cut its price target on Equitrans Midstream shares from $8.00 to $7.00 and set an “underweight” rating on the stock in a Wednesday, July 20 research report. . One financial analyst has assigned the stock a sell rating, five have issued a hold rating and three have assigned the stock a buy rating. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.29.
Equitrans Midstream Stock down 0.3%
ETRN traded down $0.03 during Monday’s trading, hitting $9.12. The company had a trading volume of 60,229 shares, against an average volume of 5,472,977. The company has a 50-day moving average of $8.58 and a 200-day moving average of $7.97. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt ratio of 3.36. Equitrans Midstream has a 1-year low of $5.87 and a 1-year high of $11.52.
Equitrans Midstream (NYSE:ETRN- Get a rating) last released its quarterly results on Tuesday, August 2. The company reported earnings per share (EPS) of $0.11 for the quarter, matching the consensus estimate of $0.11. The company posted revenue of $328.61 million for the quarter, compared to $338.79 million expected by analysts. Equitrans Midstream recorded a negative net margin of 104.75% and a positive return on equity of 7.19%. The company’s quarterly revenue was down 5.7% year over year. In the same period a year earlier, the company posted earnings per share of $0.13. On average, equity analysts expect Equitrans Midstream to post EPS of 0.55 for the current fiscal year.
Equitrans Midstream dividend announcement
The company also recently declared a quarterly dividend, which was paid on Friday, August 12. Investors of record on Wednesday August 3 received a dividend of $0.15. The ex-dividend date was Tuesday, August 2. This represents an annualized dividend of $0.60 and a yield of 6.58%. Equitrans Midstream’s payout ratio is currently -18.87%.
Equitrans Midstream Company Profile
Equitrans Midstream Corporation owns, operates, acquires and develops natural gas gathering, transmission and storage and water utility assets in the Appalachian Basin. It operates through three segments: collection system, transportation and storage system and water service system. The Gathering System segment includes 1,130 miles of high pressure gathering lines with approximately 485,000 horsepower compression and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.
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