Equitrans Midstream Corporation [ETRN] Revenue clocked in at $1.26 billion, down -22.53% YTD: What’s Next?

Equitrans Midstream Corporation [NYSE: ETRN] surged by $0.13 during the normal trading session on Wednesday and reaching a high of $8.03 during the day while it closed the day at $8.01. 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.

Equitrans Midstream Corporation stock has also loss -2.20% of its value over the past 7 days. However, ETRN stock has inclined by 20.27% in the 3 months of the year. Over the past six months meanwhile, it has lost -0.87% and lost -22.53% year-on date.

The market cap for ETRN stock reached $3.55 billion, with 433.33 million shares outstanding and 431.01 million shares in the current float. Compared to the average trading volume of 4.74M shares, ETRN reached a trading volume of 2624869 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about 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 $9.45 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 2.70. 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.

BofA Securities have made an estimate for Equitrans Midstream Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on September 28, 2022. The new note on the price target was released on August 10, 2022, representing the official price target for Equitrans Midstream Corporation stock. Previously, the target price had yet another raise to $9, while Goldman analysts kept a Buy rating on ETRN stock. On March 02, 2022, analysts decreased their price target for ETRN shares from 11 to 7.

The Average True Range (ATR) for Equitrans Midstream Corporation is set at 0.41, with the Price to Sales ratio for ETRN stock in the period of the last 12 months amounting to 2.81. The Price to Book ratio for the last quarter was 2.24, with the Price to Cash per share for the same quarter was set at 0.26. Price to Free Cash Flow for ETRN in the course of the last twelve months was 6.94 with Quick ratio for the last quarter at 1.30.

ETRN stock trade performance evaluation

Equitrans Midstream Corporation [ETRN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.20. With this latest performance, ETRN shares dropped by -16.13% in over the last four-week period, additionally sinking by -0.87% over the last 6 months – not to mention a drop of -26.45% 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 43.21, with the RSI for the last a single of trading hit 44.71, and the three-weeks RSI is set at 44.31 for Equitrans Midstream Corporation [ETRN]. The present Moving Average for the last 50 days of trading for this stock 8.91, while it was recorded at 7.94 for the last single week of trading, and 8.15 for the last 200 days.

Equitrans Midstream Corporation [ETRN]: An insightful look at the core 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.

Earnings per share (EPS) analysis for Equitrans Midstream Corporation [ETRN] stock

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 Ownership positions

There are presently around $3,239 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 $393.89 million in ETRN stocks shares; and VANGUARD GROUP INC, currently with $346.64 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 November and at the time of the November reporting period, where 167 institutional holders increased their position in Equitrans Midstream Corporation [NYSE:ETRN] by around 42,113,110 shares. Additionally, 133 investors decreased positions by around 22,172,169 shares, while 57 investors held positions by with 340,025,027 shares. The mentioned changes placed institutional holdings at 404,310,306 shares, according to the latest SEC report filing. ETRN stock had 47 new institutional investments in for a total of 9,440,064 shares, while 30 institutional investors sold positions of 3,585,971 shares during the same period.


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