BlackRock Fund Advisors recently announced the acquisition of new stake in Equitrans Midstream Corporation (NYSE:ETRN). The institutional investor has increased its shareholding in the Energy company by 0.59% to 48.2 million shares with purchase of 0.28 million shares. This fresh investment now brings its stake to 11.13% valued currently at $427.57 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.59 million to 46.17 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.37% or 55368.0 shares – to 15.14 million shares.
With over 4.88 million Equitrans Midstream Corporation (ETRN) shares trading Tuesday and a closing price of $9.80 on the day, the dollar volume was approximately $47.79 million. The shares have shown a positive half year performance of 5.49% and its price on 12/12/23 lost nearly -0.20%. Currently, there are 432.78M common shares owned by the public and among those 430.83M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 15 analysts who have offered their price forecasts for ETRN have a consensus price objective of $11.37. The analysts have set the share’s price value over the next 12 months at a high of $13.00 and a low of $9.00. The average price target is 13.81% above its recent price level and a downside to the estimated low will see the stock lose -8.89% over that period. But an upside of 24.62% will see the stock hit the forecast high price target while median target price for the stock is $11.16.
Insiders at the company have transacted a total of 23 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 12 of these insider trades were purchases, accounting for 433,879 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 72,252 shares.
The top 3 mutual fund holders in Equitrans Midstream Corporation are Capital Income Builder, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market ETF. Capital Income Builder owns 18.87 million shares of the company’s stock, all valued at over $167.4 million. Vanguard Total Stock Market ETF bought 24352.0 shares to bring its total holdings to over 13.07 million shares at a value of $115.9 million. Vanguard Total Stock Market ETF now owns shares totaling to 3.02% of the shares outstanding.
Shares of Equitrans Midstream Corporation (NYSE: ETRN) opened at $9.77, down -$0.05 from a prior closing price of $9.82. However, the script later moved the day high at 9.87, down -0.20%. The company’s stock has a 5-day price change of -2.58% and 2.73% over the past three months. ETRN shares are trading 46.27% year to date (YTD), with the 12-month market performance up to 38.42% higher. It has a 12-month low price of $4.60 and touched a high of $10.48 over the same period. ETRN has an average intraday trading volume of 4.43 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.31%, 6.27%, and 20.97% respectively.
Institutional ownership of Equitrans Midstream Corporation (NYSE: ETRN) shares accounts for 88.50% of the company’s 432.78M shares outstanding. Mutual fund holders own 35.16%, while other institutional holders and individual stakeholders account for 54.09% and 12.37% respectively.
It has a market capitalization of $4.25B and a beta (3y monthly) value of 1.93. The stock’s trailing 12-month PE ratio is 13.42, while the earnings-per-share (ttm) stands at $0.73. The company has a PEG of 5.16 and a Quick Ratio of 0.75 with the debt-to-equity ratio at 4.25. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.86% over the week and 2.75% over the month.
Analysts forecast that Equitrans Midstream Corporation (ETRN) will achieve an EPS of $0.2 for the current quarter, $0.24 for the next quarter and $0.8 for 2024. The lowest estimate earnings-per-share for the quarter is $0.06 while analysts give the company a high EPS estimate of $0.42. Comparatively, EPS for the current quarter was $0.13 a year ago. Earnings per share for the fiscal year are expected to increase by 76.92%, and 17.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 15 brokerage firm advisors rate Equitrans Midstream Corporation (ETRN) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 6 of the 15 advise that investors “hold,” and 1 rated it as a “Sell.”
