EQT Midstream Partners (NYSE:EQM) had its price target reduced by Bank of America from $64.00 to $62.00 in a research note published on Tuesday morning. Bank of America currently has a neutral rating on the pipeline company’s stock.
A number of other research analysts have also recently issued reports on EQM. Morgan Stanley cut their price objective on EQT Midstream Partners from $77.00 to $71.00 and set an overweight rating for the company in a report on Friday, April 27th. Wells Fargo & Co cut their price objective on EQT Midstream Partners from $79.00 to $69.00 and set an outperform rating for the company in a report on Monday, April 30th. ValuEngine cut EQT Midstream Partners from a sell rating to a strong sell rating in a report on Wednesday, May 2nd. Zacks Investment Research cut EQT Midstream Partners from a hold rating to a sell rating in a report on Wednesday, July 4th. Finally, Barclays cut their price objective on EQT Midstream Partners from $68.00 to $64.00 and set an overweight rating for the company in a report 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 assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $63.92.
Shares of NYSE EQM opened at $55.83 on Tuesday. The firm has a market cap of $4.73 billion, a price-to-earnings ratio of 10.40 and a beta of 0.96. EQT Midstream Partners has a 52-week low of $48.91 and a 52-week high of $77.97. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.42 and a quick 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 (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by ($0.29). The company had revenue of $269.76 million for 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 firm’s revenue was up 37.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.27 earnings per share. sell-side analysts predict that EQT Midstream Partners will post 5.82 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 14th. Investors of record on Friday, August 3rd were issued a $1.09 dividend. This represents a $4.36 dividend on an annualized basis and a dividend yield of 7.81%. This is a boost from EQT Midstream Partners’s previous quarterly dividend of $1.07. The ex-dividend date was Thursday, August 2nd. EQT Midstream Partners’s payout ratio is currently 84.01%.
In other EQT Midstream Partners news, Director Michael A. Bryson purchased 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 29th. The stock was acquired at an average cost of $55.53 per share, with a total value of $55,530.00. Following the completion of the acquisition, the director now directly owns 1,175 shares of the company’s stock, valued at approximately $65,247.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Several institutional investors have recently added to or reduced their stakes in EQM. Global X Management Co. LLC raised its holdings in shares of EQT Midstream Partners by 11.3% in the first quarter. Global X Management Co. LLC now owns 621,631 shares of the pipeline company’s stock valued at $36,695,000 after buying an additional 62,915 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of EQT Midstream Partners by 10.2% in the first quarter. Wells Fargo & Company MN now owns 177,827 shares of the pipeline company’s stock valued at $10,497,000 after buying an additional 16,526 shares during the last quarter. Dearborn Partners LLC raised its holdings in shares of EQT Midstream Partners by 26.5% in the first quarter. Dearborn Partners LLC now owns 4,373 shares of the pipeline company’s stock valued at $258,000 after buying an additional 917 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of EQT Midstream Partners in the first quarter valued at about $649,000. Finally, American Century Companies Inc. raised its holdings in shares of EQT Midstream Partners by 11.1% in the first quarter. American Century Companies Inc. now owns 1,152,541 shares of the pipeline company’s stock valued at $68,034,000 after buying an additional 114,684 shares during the last quarter. 66.09% of the stock is owned by institutional investors and hedge funds.
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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