Morgan Stanley Cuts EQT Midstream Partners (EQM) Price Target to $61.00

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EQT Midstream Partners (NYSE:EQM) had its target price reduced by Morgan Stanley from $65.00 to $61.00 in a report released on Friday. Morgan Stanley currently has an overweight rating on the pipeline company’s stock.

Other analysts also recently issued reports about the stock. ValuEngine downgraded shares of EQT Midstream Partners from a sell rating to a strong sell rating in a research report on Wednesday, May 2nd. Stifel Nicolaus cut their price objective on shares of EQT Midstream Partners from $66.00 to $62.00 and set a buy rating on the stock in a research report on Friday. Zacks Investment Research upgraded shares of EQT Midstream Partners from a hold rating to a buy rating and set a $58.00 price objective on the stock in a research report on Monday, July 30th. Jefferies Financial Group initiated coverage on shares of EQT Midstream Partners in a research report on Wednesday, July 25th. They issued a buy rating and a $65.00 price objective on the stock. Finally, Barclays lowered their target price on shares of EQT Midstream Partners from $68.00 to $64.00 and set an overweight rating on the stock in a research note on Wednesday, July 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $64.08.

Shares of NYSE:EQM opened at $55.76 on Friday. The stock has a market capitalization of $4.86 billion, a P/E ratio of 10.67 and a beta of 0.96. EQT Midstream Partners has a fifty-two week low of $48.91 and a fifty-two week high of $77.97. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.42 and a current ratio of 1.42.

EQT Midstream Partners (NYSE:EQM) last issued its quarterly earnings data on Thursday, July 26th. The pipeline company reported $1.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.38 by ($0.29). The firm had revenue of $269.76 million during the quarter, compared to the consensus estimate of $247.61 million. EQT Midstream Partners had a net margin of 63.76% and a return on equity of 26.66%. The company’s revenue for the quarter was up 37.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.27 earnings per share. research analysts expect that EQT Midstream Partners will post 5.92 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Shareholders of record on Friday, August 3rd were paid a dividend of $1.09 per share. This is a boost from EQT Midstream Partners’s previous quarterly dividend of $1.07. The ex-dividend date was Thursday, August 2nd. This represents a $4.36 annualized dividend and a yield of 7.82%. EQT Midstream Partners’s dividend payout ratio (DPR) is presently 84.01%.

In related news, Director Michael A. Bryson bought 1,000 shares of the stock in a transaction on Tuesday, May 29th. The shares were purchased at an average price of $55.53 per share, with a total value of $55,530.00. Following the purchase, the director now owns 1,175 shares in the company, valued at $65,247.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional investors have recently added to or reduced their stakes in the business. Tortoise Capital Advisors L.L.C. grew its stake in shares of EQT Midstream Partners by 23.0% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 10,188,782 shares of the pipeline company’s stock worth $525,639,000 after purchasing an additional 1,903,618 shares during the last quarter. Summit Trail Advisors LLC grew its stake in shares of EQT Midstream Partners by 4,273.8% in the 1st quarter. Summit Trail Advisors LLC now owns 880,177 shares of the pipeline company’s stock worth $880,000 after purchasing an additional 860,053 shares during the last quarter. Brookfield Asset Management Inc. grew its stake in shares of EQT Midstream Partners by 556.1% in the 1st quarter. Brookfield Asset Management Inc. now owns 994,647 shares of the pipeline company’s stock worth $58,714,000 after purchasing an additional 843,057 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of EQT Midstream Partners by 45.9% in the 1st quarter. JPMorgan Chase & Co. now owns 1,954,024 shares of the pipeline company’s stock worth $115,347,000 after purchasing an additional 614,562 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of EQT Midstream Partners by 10.9% in the 1st quarter. Neuberger Berman Group LLC now owns 3,433,206 shares of the pipeline company’s stock worth $202,662,000 after purchasing an additional 338,115 shares during the last quarter. 64.11% of the stock is currently owned by hedge funds and other institutional investors.

About EQT Midstream Partners

EQT Midstream Partners, LP provides natural gas gathering, transmission, and storage services in Pennsylvania, West Virginia, and Ohio. The company owns, operates, acquires, and develops midstream assets in the Appalachian Basin. The company also owned approximately 300 miles of high pressure gathering lines and 1,500 miles of federal energy regulatory commission (FERC) regulated low pressure gathering lines; and approximately 950 miles of FERC regulated interstate pipelines.

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