Zacks Investment Research upgraded shares of Equitrans Midstream (NASDAQ:ETRN) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, Zacks.com reports. They currently have $17.00 price target on the stock.
According to Zacks, “Equitrans Midstream Corporation owns, operates, acquires and develops midstream assets primarily in the Appalachian Basin. It manages natural gas transmission, storage and gathering systems, as well as high-and low-pressure gathering lines. Equitrans Midstream Corporation is based in Pittsburgh, United States. “
Other research analysts also recently issued reports about the company. Royal Bank of Canada set a $19.00 target price on Equitrans Midstream and gave the stock a hold rating in a research note on Wednesday, July 31st. UBS Group upgraded Equitrans Midstream from a neutral rating to a buy rating in a research note on Wednesday, September 25th. Finally, Barclays reiterated a hold rating and set a $19.00 target price on shares of Equitrans Midstream in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Equitrans Midstream has an average rating of Buy and a consensus price target of $21.11.
Equitrans Midstream (NASDAQ:ETRN) last issued its earnings results on Tuesday, July 30th. The company reported $0.54 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.18. The business had revenue of $406.17 million for the quarter, compared to the consensus estimate of $413.30 million.
In other news, Chairman Thomas F. Karam purchased 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average cost of $16.11 per share, with a total value of $1,611,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kirk R. Oliver purchased 13,700 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average cost of $16.10 per share, with a total value of $220,570.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 121,450 shares of company stock valued at $1,956,423.
Large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC acquired a new stake in Equitrans Midstream during the 2nd quarter worth approximately $778,000. Alps Advisors Inc. acquired a new position in Equitrans Midstream in the 2nd quarter valued at $6,318,000. Pinnacle Holdings LLC raised its holdings in Equitrans Midstream by 92.8% in the 2nd quarter. Pinnacle Holdings LLC now owns 21,450 shares of the company’s stock valued at $423,000 after acquiring an additional 10,325 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Equitrans Midstream by 0.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 9,495,797 shares of the company’s stock valued at $187,636,000 after acquiring an additional 26,408 shares in the last quarter. Finally, Cramer Rosenthal Mcglynn LLC raised its holdings in Equitrans Midstream by 27.2% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 2,122,648 shares of the company’s stock valued at $41,837,000 after acquiring an additional 454,094 shares in the last quarter.
Equitrans Midstream Company Profile
Equitrans Midstream Corp. is a wholly-owned subsidiary of EQT. It doesn’t have business operations. The company was founded on February 21, 2018 and is headquartered in Canonsburg, PA.
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