EQT Midstream Partners (NYSE:EQM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “EQT Midstream Partners, LP is formed to own, operate, acquire and develop midstream assets in the Appalachian Basin. The Company provides substantially all of its natural gas transmission, storage and gathering services under contracts with fixed reservation and/or usage fees. It operates primarily in the Marcellus Shale area of southern Pennsylvania and northern West Virginia. EQT Midstream Partners, LP is based in Pittsburgh, Pennsylvania. “
Several other research analysts also recently commented on the stock. ValuEngine downgraded shares of EQT Midstream Partners from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 2nd. Wells Fargo & Co decreased their target price on shares of EQT Midstream Partners from $79.00 to $69.00 and set an “outperform” rating on the stock in a research note on Monday, April 30th. Morgan Stanley decreased their target price on shares of EQT Midstream Partners from $77.00 to $71.00 and set an “overweight” rating on the stock in a research note on Friday, April 27th. Deutsche Bank began coverage on shares of EQT Midstream Partners in a research note on Friday, April 20th. They issued a “buy” rating and a $78.00 target price on the stock. Finally, Barclays decreased their target price on shares of EQT Midstream Partners from $83.00 to $68.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 17th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $75.73.
Shares of EQM traded up $0.14 during mid-day trading on Wednesday, reaching $51.12. The company’s stock had a trading volume of 209,973 shares, compared to its average volume of 604,565. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 9.85 and a beta of 0.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.90 and a current ratio of 0.90. EQT Midstream Partners has a 52 week low of $49.95 and a 52 week high of $78.75.
EQT Midstream Partners (NYSE:EQM) last announced its quarterly earnings data on Thursday, April 26th. The pipeline company reported $1.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.42 by $0.19. The firm had revenue of $232.80 million during the quarter, compared to analyst estimates of $232.38 million. EQT Midstream Partners had a net margin of 65.11% and a return on equity of 26.35%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.36 EPS. equities research analysts predict that EQT Midstream Partners will post 5.89 earnings per share for the current year.
In related news, Director Michael A. Bryson acquired 1,000 shares of EQT Midstream Partners stock in a transaction on Tuesday, May 29th. The shares were acquired at an average cost of $55.53 per share, with a total value of $55,530.00. Following the transaction, the director now owns 1,175 shares in the company, valued at $65,247.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
A number of institutional investors have recently modified their holdings of the business. Diversified Trust Co increased its position in EQT Midstream Partners by 12.5% during the 1st quarter. Diversified Trust Co now owns 19,975 shares of the pipeline company’s stock valued at $1,179,000 after purchasing an additional 2,221 shares during the period. Suntrust Banks Inc. purchased a new position in EQT Midstream Partners during the 1st quarter valued at $442,000. Allianz Asset Management GmbH increased its position in EQT Midstream Partners by 15.5% during the 1st quarter. Allianz Asset Management GmbH now owns 201,695 shares of the pipeline company’s stock valued at $11,906,000 after purchasing an additional 27,101 shares during the period. Summit Trail Advisors LLC increased its position in EQT Midstream Partners by 4,273.8% during the 1st quarter. Summit Trail Advisors LLC now owns 880,177 shares of the pipeline company’s stock valued at $880,000 after purchasing an additional 860,053 shares during the period. Finally, Royal Bank of Canada increased its position in EQT Midstream Partners by 13.8% during the 1st quarter. Royal Bank of Canada now owns 23,302 shares of the pipeline company’s stock valued at $1,376,000 after purchasing an additional 2,818 shares during the period. 71.55% of the stock is currently 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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