Equitrans Midstream Corporation [NYSE: ETRN] gained 1.74% on the last trading session, reaching $11.10 price per share at the time. The company report on February 21, 2024 at 5:27 PM that Equitrans Midstream Announces Pricing of Private Offering of Senior Notes.
Equitrans Midstream Corporation (NYSE: ETRN) (ETRN) today announced that its wholly owned subsidiary, EQM Midstream Partners, LP (EQM), has priced an offering of $600 million in aggregate principal amount of its 6.375% senior notes due 2029 (the Notes). The Notes will be issued at a price of par. EQM intends to use the net proceeds from the offering of the Notes to repay certain outstanding indebtedness, including borrowings under EQM’s Third Amended and Restated Credit Agreement, dated as of October 31, 2018, as amended, and for general partnership purposes. Subject to the satisfaction of customary closing conditions, the offering is expected to close on February 26, 2024.
The offering of the Notes has not been registered under the Securities Act of 1933, as amended (the Securities Act), or any state securities laws and, unless so registered, the Notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
If compared to the average trading volume of 3.80M shares, ETRN reached a trading volume of 4330137 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $11.38 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 2.40. 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 Underweight, with their previous recommendation back on December 14, 2023. The new note on the price target was released on December 04, 2023, representing the official price target for Equitrans Midstream Corporation stock. Previously, the target price had yet another raise to $11.50, while Goldman analysts kept a Buy rating on ETRN stock.
The Average True Range (ATR) for Equitrans Midstream Corporation is set at 0.27, with the Price to Sales ratio for ETRN stock in the period of the last 12 months amounting to 3.47. The Price to Book ratio for the last quarter was 4.61, with the Price to Cash per share for the same quarter was set at 0.59. Price to Free Cash Flow for ETRN in the course of the last twelve months was 7.69 with Quick ratio for the last quarter at 0.74.
Trading performance analysis for ETRN stock
Equitrans Midstream Corporation [ETRN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.53. With this latest performance, ETRN shares gained by 10.67% in over the last four-week period, additionally plugging by 15.75% over the last 6 months – not to mention a rise of 83.47% 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 69.19, with the RSI for the last a single of trading hit 77.40, and the three-weeks RSI is set at 64.63 for Equitrans Midstream Corporation [ETRN]. The present Moving Average for the last 50 days of trading for this stock 10.45, while it was recorded at 10.82 for the last single week of trading, and 9.56 for the last 200 days.
Equitrans Midstream Corporation [ETRN]: A deeper dive into fundamental analysis
Equitrans Midstream Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.74 and a Current Ratio set at 0.76.
Equitrans Midstream Corporation [ETRN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Equitrans Midstream Corporation posted 0.22/share EPS, while the average EPS was predicted by analysts to be reported at 0.14/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 57.10%. 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 8.60%.
An analysis of Institutional ownership at Equitrans Midstream Corporation [ETRN]
The top three institutional holders of ETRN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ETRN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ETRN stock with ownership which is approximately 5.8325%.
