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Is Equitrans Midstream Corporation (NYSE: ETRN) Poised For Further Gains At A 3.46% Distance From The Low?

Equitrans Midstream Corporation (NYSE:ETRN)’s traded shares stood at 1.3 million during the latest session, with the company’s beta value hitting 1.99. At the last check today, the stock’s price was $5.49, to imply an increase of 1.01% or $0.05 in intraday trading. The ETRN share’s 52-week high remains $9.90, putting it -80.33% down since that peak but still an impressive 3.46% since price per share fell to its 52-week low of $5.30. The company has a valuation of $2.40B, with an average of 4.63 million shares in intraday trading volume over the past 10 days and average of 4.05 million shares over the past 3 months.

Analysts have given a consensus recommendation of a Hold for Equitrans Midstream Corporation (ETRN), translating to a mean rating of 3.20. Of 14 analyst(s) looking at the stock, 2 analyst(s) give ETRN a Sell rating. 0 of those analysts rate the stock as Overweight while 9 advise Hold as 2 recommend it as a Buy. 1 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $0.14.

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Equitrans Midstream Corporation (NYSE:ETRN) trade information

After registering a 1.01% upside in the latest session, Equitrans Midstream Corporation (ETRN) has traded red over the past five days. The stock hit a weekly high of 5.93 this Wednesday, 03/15/23, jumping 1.01% in its intraday price action. The 5-day price performance for the stock is -5.42%, and -18.59% over 30 days. With these gigs, the year-to-date price performance is -17.99%. Short interest in Equitrans Midstream Corporation (NYSE:ETRN) saw shorts transact 14.11 million shares and set a 3.11 days time to cover.

Analysts on Wall Street suggest a consensus price target of $7.86, implying an increase of 30.15% to the stock’s recent value. The extremes give us $6.00 and $10.00 for target low and target high price respectively. As such, ETRN has been trading -82.15% off suggested target high and -9.29% from its likely low.

Equitrans Midstream Corporation (ETRN) estimates and forecasts

Looking at statistics comparing Equitrans Midstream Corporation share performance against respective industry, we note that the company has outperformed competitors. Equitrans Midstream Corporation (ETRN) shares are -42.82% down over the last 6 months, with its year-to-date growth rate higher than industry average at 0.00% against -13.60%. The rating firms project that company’s revenue will grow 2.70% compared to the previous financial year.

Revenue forecast for the current quarter as set by 3 analysts is $358.85 million. Meanwhile, for the quarter ending Jun 2023, a total of 3 analyst(s) estimate revenue growth to $343.48 million.Earnings reports from the last fiscal year show that sales brought in $342.15 million and $328.61 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 4.90% before jumping 4.50% in the following quarter.

An assessment of the company’s 5-year growth patterns shows that annual earnings shrunk an estimated -28.50% for the past 5-year period. While 2023 is set for a 77.70% return in earnings, projections for the next 5 years are at 22.60% annually.

ETRN Dividends

Equitrans Midstream Corporation has its next earnings report out between May 01 and May 05. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Equitrans Midstream Corporation has a forward dividend ratio of 0.60, with the share yield ticking at 11.03% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Equitrans Midstream Corporation (NYSE:ETRN)’s Major holders

Equitrans Midstream Corporation insiders hold 0.41% of total outstanding shares, with institutional holders owning 93.03% of the shares at 93.41% float percentage. In total, 93.03% institutions holds shares in the company, led by Blackrock Inc. As of Dec 30, 2022, the company held over 51.73 million shares (or 11.91% of shares), all amounting to roughly $284.51 million.

The next major institution holding the largest number of shares is Capital International Investors with 49.24 million shares, or about 11.33% of shares outstanding. As of the market price on Dec 30, 2022, these shares were worth $270.8 million.

We also have Price (T.Rowe) Mid-Cap Value Fund and Capital Income Builder, Inc. as the top two Mutual Funds with the largest holdings of the Equitrans Midstream Corporation (ETRN) shares. Going by data provided on Sep 29, 2022, Price (T.Rowe) Mid-Cap Value Fund holds roughly 21.09 million shares. This is just over 4.85% of the total shares, with a market valuation of $115.97 million. Data from the same date shows that the other fund manager holds a little less at 18.87 million, or 4.34% of the shares, all valued at about 103.8 million.

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