Scopia Capital Management LP Sells 6,474,325 Shares of Equitrans Midstream Co. (NYSE:ETRN)

Scopia Capital Management LP reduced its stake in Equitrans Midstream Co. (NYSE:ETRN) by 67.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,166,772 shares of the company’s stock after selling 6,474,325 shares during the quarter. Equitrans Midstream makes up approximately 3.2% of Scopia Capital Management LP’s investment portfolio, making the stock its 11th biggest position. Scopia Capital Management LP owned approximately 0.73% of Equitrans Midstream worth $25,841,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. Marshall Wace North America L.P. purchased a new stake in Equitrans Midstream in the 1st quarter worth $72,000. Captrust Financial Advisors increased its stake in Equitrans Midstream by 34.6% in the 1st quarter. Captrust Financial Advisors now owns 5,924 shares of the company’s stock worth $48,000 after buying an additional 1,523 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Equitrans Midstream in the 4th quarter worth $51,000. Certified Advisory Corp purchased a new stake in Equitrans Midstream in the 1st quarter worth $69,000. Finally, Advisors Capital Management LLC purchased a new stake in Equitrans Midstream in the 1st quarter worth $82,000. 86.59% of the stock is currently owned by institutional investors.

ETRN has been the subject of a number of research analyst reports. Wells Fargo & Company restated an “underweight” rating and set a $9.00 price objective on shares of Equitrans Midstream in a research report on Wednesday, May 19th. Barclays raised their price objective on Equitrans Midstream from $7.00 to $9.00 and gave the company an “underweight” rating in a research report on Wednesday, June 2nd. Finally, Zacks Investment Research upgraded Equitrans Midstream from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 25th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $10.18.

ETRN traded up $0.02 on Thursday, hitting $8.13. The company had a trading volume of 66,090 shares, compared to its average volume of 6,274,588. The firm has a market cap of $3.52 billion, a P/E ratio of 9.54 and a beta of 2.26. Equitrans Midstream Co. has a 12-month low of $6.23 and a 12-month high of $11.66. The company has a debt-to-equity ratio of 1.88, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average is $8.72.

Equitrans Midstream (NYSE:ETRN) last released its quarterly earnings results on Tuesday, May 4th. The company reported $0.19 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.19. The company had revenue of $379.99 million during the quarter, compared to analyst estimates of $373.97 million. Equitrans Midstream had a return on equity of 13.25% and a net margin of 29.64%. The firm’s revenue was down 16.1% on a year-over-year basis. During the same quarter last year, the business posted $0.46 earnings per share. On average, sell-side analysts anticipate that Equitrans Midstream Co. will post 0.87 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Wednesday, May 5th were given a $0.15 dividend. The ex-dividend date was Tuesday, May 4th. This represents a $0.60 annualized dividend and a yield of 7.38%. Equitrans Midstream’s dividend payout ratio is currently 46.51%.

Equitrans Midstream Company Profile

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.

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Institutional Ownership by Quarter for Equitrans Midstream (NYSE:ETRN)

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