Port Capital LLC Takes $4.53 Million Position in EQM Midstream Partners LP (EQM)

Port Capital LLC acquired a new stake in EQM Midstream Partners LP (NYSE:EQM) during the 3rd quarter, HoldingsChannel reports. The firm acquired 85,844 shares of the pipeline company’s stock, valued at approximately $4,531,000.

A number of other institutional investors also recently added to or reduced their stakes in EQM. Tortoise Capital Advisors L.L.C. increased its stake in EQM Midstream Partners by 47.4% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 15,016,757 shares of the pipeline company’s stock valued at $792,584,000 after buying an additional 4,827,975 shares during the period. OppenheimerFunds Inc. increased its stake in EQM Midstream Partners by 119.8% in the 3rd quarter. OppenheimerFunds Inc. now owns 5,039,631 shares of the pipeline company’s stock valued at $265,991,000 after buying an additional 2,746,887 shares during the period. Alps Advisors Inc. increased its stake in EQM Midstream Partners by 50.3% in the 3rd quarter. Alps Advisors Inc. now owns 7,320,737 shares of the pipeline company’s stock valued at $386,388,000 after buying an additional 2,450,666 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in EQM Midstream Partners in the 3rd quarter valued at approximately $48,983,000. Finally, Bank of Montreal Can increased its stake in EQM Midstream Partners by 241.4% in the 3rd quarter. Bank of Montreal Can now owns 1,040,743 shares of the pipeline company’s stock valued at $54,930,000 after buying an additional 735,927 shares during the period. Hedge funds and other institutional investors own 68.68% of the company’s stock.

EQM has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of EQM Midstream Partners from $65.00 to $61.00 and set an “overweight” rating on the stock in a research note on Friday, August 17th. Stifel Nicolaus dropped their price objective on shares of EQM Midstream Partners from $66.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, August 17th. Barclays reiterated an “equal weight” rating and issued a $48.00 price objective (down previously from $59.00) on shares of EQM Midstream Partners in a research note on Friday. Wolfe Research upgraded shares of EQM Midstream Partners from a “peer perform” rating to an “outperform” rating and set a $66.00 price objective on the stock in a research note on Tuesday, November 20th. Finally, Citigroup dropped their price objective on shares of EQM Midstream Partners to $64.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $59.00.

Shares of EQM opened at $46.38 on Friday. EQM Midstream Partners LP has a 12 month low of $42.87 and a 12 month high of $77.97. The firm has a market cap of $5.69 billion, a PE ratio of 8.94 and a beta of 1.13. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.69.

EQM Midstream Partners (NYSE:EQM) last announced its quarterly earnings results on Thursday, October 25th. The pipeline company reported $1.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.07). EQM Midstream Partners had a return on equity of 22.30% and a net margin of 60.71%. The business had revenue of $364.58 million for the quarter, compared to analyst estimates of $356.99 million. Equities research analysts forecast that EQM Midstream Partners LP will post 6.03 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Friday, November 2nd were paid a dividend of $1.115 per share. This is a positive change from EQM Midstream Partners’s previous quarterly dividend of $1.09. The ex-dividend date was Thursday, November 1st. This represents a $4.46 annualized dividend and a dividend yield of 9.62%. EQM Midstream Partners’s dividend payout ratio is 85.93%.

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EQM Midstream Partners Profile

EQM Midstream Partners, LP provides natural gas gathering, transmission, and storage services in Pennsylvania, West Virginia, and Ohio. The company owns, operates, acquires, and develops midstream assets in the Appalachian Basin. The company also owns approximately 300 miles of high pressure gathering lines and 1,500 miles of federal energy regulatory commission (FERC) regulated low pressure gathering lines; and approximately 950 miles of FERC regulated interstate pipelines.

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Institutional Ownership by Quarter for EQM Midstream Partners (NYSE:EQM)

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