Fintel reports that on August 8, 2023, RBC Capital reiterated coverage of Equitrans Midstream (NYSE:ETRN) with a Outperform recommendation.
Analyst Price Forecast Suggests 8.58% Upside
As of August 2, 2023, the average one-year price target for Equitrans Midstream is 10.68. The forecasts range from a low of 6.06 to a high of $14.70. The average price target represents an increase of 8.58% from its latest reported closing price of 9.84.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Equitrans Midstream is 1,465MM, an increase of 6.02%. The projected annual non-GAAP EPS is 0.52.
Equitrans Midstream Declares $0.15 Dividend
On July 26, 2023 the company declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Shareholders of record as of August 4, 2023 will receive the payment on August 14, 2023. Previously, the company paid $0.15 per share.
At the current share price of $9.84 / share, the stock's dividend yield is 6.10%.
Looking back five years and taking a sample every week, the average dividend yield has been 9.09%, the lowest has been 2.61%, and the highest has been 39.74%. The standard deviation of yields is 5.46 (n=224).
The current dividend yield is 0.55 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is -1.02. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 736 funds or institutions reporting positions in Equitrans Midstream. This is an increase of 2 owner(s) or 0.27% in the last quarter. Average portfolio weight of all funds dedicated to ETRN is 0.21%, a decrease of 3.10%. Total shares owned by institutions decreased in the last three months by 2.51% to 515,984K shares. 
The put/call ratio of ETRN is 0.20, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital International Investors holds 48,608K shares representing 11.14% ownership of the company. In it's prior filing, the firm reported owning 49,236K shares, representing a decrease of 1.29%. The firm decreased its portfolio allocation in ETRN by 18.53% over the last quarter.
Zimmer Partners holds 22,254K shares representing 5.10% ownership of the company. In it's prior filing, the firm reported owning 13,401K shares, representing an increase of 39.78%. The firm increased its portfolio allocation in ETRN by 46.18% over the last quarter.
CAIBX - CAPITAL INCOME BUILDER holds 18,873K shares representing 4.33% ownership of the company. No change in the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 13,382K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 13,190K shares, representing an increase of 1.44%. The firm decreased its portfolio allocation in ETRN by 19.18% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 13,351K shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 13,365K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in ETRN by 17.51% over the last quarter.
Equitrans Midstream Background Information
(This description is provided by the company.)
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America's growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.
Additional reading:
- EQUITRANS MIDSTREAM ANNOUNCES SECOND QUARTER 2023 RESULTS
- [SIGNATURE PAGE FOLLOWS]
- [Employee Name]
- EQUITRANS MIDSTREAM RELEASES STATEMENT RELATED TO MOUNTAIN VALLEY PIPELINE'S JEFFERSON NATIONAL FOREST AUTHORIZATIONS
- Mountain Valley Pipeline To Proceed Enactment of Federal Legislation to Raise U.S. Debt Limit Ratifies and Expedites Approvals, Declares Project Completion in National Interest
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
