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An Analysis Of Equitrans Midstream Corporation (NYSE: ETRN), And Its Business Forecast

In the last trading session, 6.72 million shares of the Equitrans Midstream Corporation (NYSE:ETRN) were traded, and its beta was 1.95. Most recently the company’s share price was $5.78, and it changed around $0.01 or 0.17% from the last close, which brings the market valuation of the company to $2.56B. ETRN currently trades at a discount to its 52-week high of $9.90, offering almost -71.28% off that amount. The share price’s 52-week low was $4.60, which indicates that the current value has risen by an impressive 20.42% since then. We note from Equitrans Midstream Corporation’s average daily trading volume that its 10-day average is 7.48 million shares, with the 3-month average coming to 6.10 million.

Equitrans Midstream Corporation stock received a consensus recommendation rating of a Hold, based on a mean score of 3.10. If we narrow it down even further, the data shows that 1 out of 12 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 8 recommended ETRN as a Hold, whereas 2 deemed it a Buy, and 1 rated it as Underweight. Equitrans Midstream Corporation is expected to report earnings per share of $0.1 for the current quarter.

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Equitrans Midstream Corporation (NYSE:ETRN) trade information

Instantly ETRN has showed a green trend with a performance of 0.17% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 5.99 on Tuesday, 05/23/23 increased the stock’s daily price by 3.51%. The company’s shares are currently down -13.73% year-to-date, but still up 3.40% over the last five days. On the other hand, Equitrans Midstream Corporation (NYSE:ETRN) is 17.72% up in the 30-day period. We can see from the shorts that 17.5 million shares have been sold at a short interest cover period of 2.63 day(s).

The consensus price target as assigned by Wall Street analysts is $6.78, which translates to bulls needing to increase their stock price by 14.75% from its current value. Analyst projections state that ETRN is forecast to be at a low of $5.00 and a high of $10.00. In order for the stock price to hit the forecast high, the stock would need to plunge -73.01% from its current level, while the stock would need to crash 13.49% from its current level to reach the projected low.

Equitrans Midstream Corporation (ETRN) estimates and forecasts

Equitrans Midstream Corporation share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -27.57 percent over the past six months and at a 13.04% annual growth rate that is well above the industry average of -16.70%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -9.10% in revenue this quarter, and will report an increase of 11.10% in the next quarter. The year-over-year growth rate is expected to be 6.00%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $333.19 million in revenue for the current quarter. 4 analysts expect Equitrans Midstream Corporation to make $337.07 million in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $328.61 million and $337.63 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 1.40%. Forecasts for the next quarter put sales growth at -0.20%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -28.50%. Equitrans Midstream Corporation earnings are expected to increase by 77.70% in 2023, but the outlook is positive 2.60% per year for the next five years.

ETRN Dividends

Equitrans Midstream Corporation’s next quarterly earnings report is expected to be released around July 31 and August 04. The annual dividend yield of the stock is 10.38 percent and its annual dividend per share was 0.60. It is important to note, however, that the 10.38% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

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

Upon looking at major shareholders, it appears that insiders hold 0.48% of Equitrans Midstream Corporation shares, and 92.25% of them are in the hands of institutional investors. The stock currently has a share float of 92.70%. Equitrans Midstream Corporation stock is held by 441 institutions, with Blackrock Inc. being the largest institutional investor. By Mar 30, 2023, it held 12.15% of the shares, which is about 52.62 million shares worth $304.12 million.

Capital International Investors, with 11.22% or 48.61 million shares worth $280.95 million as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Price (T.Rowe) Mid-Cap Value Fund and Capital Income Builder, Inc. were the top two Mutual Funds as of Dec 30, 2022. The former held 19.02 million shares worth $127.46 million, making up 4.38% of all outstanding shares. On the other hand, Capital Income Builder, Inc. held roughly 18.87 million shares worth around $109.09 million, which represents about 4.34% of the total shares outstanding.

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