Equitrans Midstream Corporation [NYSE: ETRN] stock went on a downward path that fall over -1.01% on Tuesday, amounting to a one-week price decrease of less than -15.48%. The company report on August 2, 2022 that Equitrans Midstream Correction to Second Quarter 2022 Earnings Call Discussion.
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Equitrans Midstream Corporation (NYSE: ETRN) is issuing a correction to information discussed during its earnings call earlier today. On the call, ETRN discussed proposed legislation, a summary of which was released yesterday and has been the subject of widespread news coverage (Proposed Energy Permitting Provisions). The Proposed Energy Permitting Provisions relate to improving the energy infrastructure permitting process and specifically mention the Mountain Valley Pipeline project. ETRN incorrectly referred to the Proposed Energy Permitting Provisions as the Federal Permitting Reform and Jobs Act, a previous, separate legislative proposal introduced last year.
Over the last 12 months, ETRN stock dropped by -24.39%. The one-year Equitrans Midstream Corporation stock forecast points to a potential upside of 19.48. The average equity rating for ETRN stock is currently 2.60, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.88 billion, with 433.33 million shares outstanding and 431.01 million shares in the current float. Compared to the average trading volume of 4.38M shares, ETRN stock reached a trading volume of 7842619 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Equitrans Midstream Corporation [ETRN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ETRN shares is $9.70 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ETRN stock is a recommendation set at 2.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wells Fargo have made an estimate for Equitrans Midstream Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on August 10, 2022. The new note on the price target was released on March 04, 2022, representing the official price target for Equitrans Midstream Corporation stock. Previously, the target price had yet another drop from $11 to $7, while Barclays kept a Equal Weight rating on ETRN stock.
The Average True Range (ATR) for Equitrans Midstream Corporation is set at 0.42, with the Price to Sales ratio for ETRN stock in the period of the last 12 months amounting to 3.08. The Price to Book ratio for the last quarter was 2.19, with the Price to Cash per share for the same quarter was set at 0.23. Price to Free Cash Flow for ETRN in the course of the last twelve months was 7.59 with Quick ratio for the last quarter at 1.30.
ETRN Stock Performance Analysis:
Equitrans Midstream Corporation [ETRN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -15.48. With this latest performance, ETRN shares dropped by -17.88% in over the last four-week period, additionally sinking by -7.35% over the last 6 months – not to mention a drop of -24.39% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ETRN stock in for the last two-week period is set at 30.73, with the RSI for the last a single of trading hit 22.60, and the three-weeks RSI is set at 37.14 for Equitrans Midstream Corporation [ETRN]. The present Moving Average for the last 50 days of trading for this stock 8.82, while it was recorded at 8.45 for the last single week of trading, and 8.26 for the last 200 days.
Insight into Equitrans Midstream Corporation Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Equitrans Midstream Corporation [ETRN] shares currently have an operating margin of +52.37 and a Gross Margin at +62.90. Equitrans Midstream Corporation’s Net Margin is presently recorded at -104.82.
Return on Equity for this stock declined to -45.25, with Return on Assets sitting at -11.68.
Equitrans Midstream Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.30.
ETRN Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ETRN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Equitrans Midstream Corporation go to 22.10%.
Equitrans Midstream Corporation [ETRN] Insider Position Details
There are presently around $3,158 million, or 94.90% of ETRN stock, in the hands of institutional investors. The top three institutional holders of ETRN stocks are: CAPITAL INTERNATIONAL INVESTORS with ownership of 49,357,161, which is approximately 0.239% of the company’s market cap and around 0.41% of the total institutional ownership; BLACKROCK INC., holding 49,175,267 shares of the stock with an approximate value of $384.06 million in ETRN stocks shares; and VANGUARD GROUP INC, currently with $337.99 million in ETRN stock with ownership of nearly 1.136% of the company’s market capitalization.
Positions in Equitrans Midstream Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 164 institutional holders increased their position in Equitrans Midstream Corporation [NYSE:ETRN] by around 42,094,786 shares. Additionally, 137 investors decreased positions by around 22,332,408 shares, while 61 investors held positions by with 339,882,117 shares. The mentioned changes placed institutional holdings at 404,309,311 shares, according to the latest SEC report filing. ETRN stock had 46 new institutional investments in for a total of 9,424,076 shares, while 32 institutional investors sold positions of 3,636,347 shares during the same period.