On June 2, 2023 at 11:21:40 ET an unusually large $332.35K block of Call contracts in Equitrans Midstream (ETRN) was sold, with a strike price of $6.00 / share, expiring in 14 day(s) (on June 16, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 5.70 sigmas above the mean, placing it in the 100.00th percentile of all recent large trades made in ETRN options.
This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.
What is the Fund Sentiment?
There are 735 funds or institutions reporting positions in Equitrans Midstream. This is a decrease of 7 owner(s) or 0.94% in the last quarter. Average portfolio weight of all funds dedicated to ETRN is 0.19%, a decrease of 18.58%. Total shares owned by institutions decreased in the last three months by 3.19% to 517,113K shares. The put/call ratio of ETRN is 0.13, indicating a bullish outlook.
Analyst Price Forecast Suggests 8.85% Downside
As of June 2, 2023, the average one-year price target for Equitrans Midstream is 8.06. The forecasts range from a low of 5.05 to a high of $11.55. The average price target represents a decrease of 8.85% from its latest reported closing price of 8.84.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Equitrans Midstream is 1,465MM, an increase of 5.25%. The projected annual non-GAAP EPS is 0.52.
What are Other Shareholders Doing?
Capital International Investors holds 48,608K shares representing 11.22% 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 5.14% 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 4.36% ownership of the company. No change in the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 13,382K shares representing 3.09% 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 3.08% 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 Declares $0.15 Dividend
On April 25, 2023 the company declared a regular quarterly dividend of $0.15 per share ($0.60 annualized). Shareholders of record as of May 5, 2023 received the payment on May 15, 2023. Previously, the company paid $0.15 per share.
At the current share price of $8.84 / share, the stock’s dividend yield is 6.79%.
Looking back five years and taking a sample every week, the average dividend yield has been 9.21%, the lowest has been 2.61%, and the highest has been 39.74%. The standard deviation of yields is 5.54 (n=215).
The current dividend yield is 0.44 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is -0.99. 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.
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.
Key filings for this company:
This story originally appeared on Fintel.
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