Taking a Closer Look At Equitrans Midstream Corporation (ETRN) Following Its Recent Trade


As this happened, Goldman downgraded its Equitrans Midstream Corporation [ETRN] rating to a Sell from a a Buy in a research note published on Tuesday, February 01, 2023; the price target was decreased to $6 from $9.50. PT values the company’s stock at a premium of -0.5 to its Tuesday closing price. A number of analysts have revised their coverage, including Wells Fargo’s analysts, who decreased its forecast for the stock in mid December from “an Overweight” to “an Equal weight”. Citigroup began covering ETRN with “Neutral” recommendation on December 09, 2022. Wolfe Research revised its rating on October 19, 2022. It rated ETRN as “a Peer perform” which previously was an “an Outperform”.

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Price Performance Review of ETRN

On Tuesday, Equitrans Midstream Corporation [NYSE:ETRN] saw its stock fall -1.31% to $6.03. On the same session, the stock had its day’s lowest price of $6.03, but rose to a high of $6.195. Over the last five days, the stock has lost -1.15%. Equitrans Midstream Corporation shares have fallen nearly -10.00% since the year began. Nevertheless, the stocks have fallen -7.09% over the past one year. While a 52-week high of $9.90 was reached on 01/11/23, a 52-week low of $5.90 was recorded on 02/21/23. SMA at 50 days reached $6.82, while 200 days put it at $7.72. A total of 5.72 million shares were traded, compared to the trading of 3.31 million shares in the previous session.

Levels Of Support And Resistance For ETRN Stock

The 24-hour chart illustrates a support level at 5.98, which if violated will result in even more drops to 5.92. On the upside, there is a resistance level at 6.14. A further resistance level may holdings at 6.25. The Relative Strength Index (RSI) on the 14-day chart is 30.78, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.34, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 94.85%. Stochastics %K at 13.97% indicates the stock is a buying.

How much short interest is there in Equitrans Midstream Corporation?

A steep rise in short interest was recorded in Equitrans Midstream Corporation stocks on Jan 30, 2023, dropping by -0.74 million shares to a total of 12.57 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 13.31 million shares. There was a decline of -5.89%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 3.77% of the overall stock float, the days-to-cover ratio (short ratio) fell to 4.37.

Equitrans Midstream Corporation [ETRN] – Who Are The Largest Shareholders?

In filings from Capital Research & Management Co, it is revealed that the company now owns 49,236,368 shares, or roughly 11.38% of the outstanding ETRN shares. In other words, the investor’s shares have risen by 98,495 from its previous 13-F filing of 49137873.0. Additionally, BlackRock Fund Advisors increased 6.55% of its stake after which the total value it holdings stand at $342,376,538, while The Vanguard Group, Inc. added 2.41% of its stake to hold $330.33 million in the firm. Over the last quarter, T. Rowe Price Associates, Inc. sold -10,186,388 shares of Equitrans Midstream Corporation, while SSgA Funds Management, Inc. sold 382,499 shares. At present, Zimmer Partners LP is holding 13,401,362 shares valued at $97.16 million. Brookfield Public Securities Grou owned 13,391,903 shares of the company at the time of its most recent 13F filing, worth $97.09 million.

According to FactSet, Equitrans Midstream Corporation’s share price will average $8.05 in the next year, based on opinions of analysts polled by the firm. This is up nearly 30.93 percent from its previous closing price of $6.11. Analysts expect Equitrans Midstream Corporation stock to reach the higher price of $10.00, while the lowest price estimate is $6.00. However, 14 analysts have rated ETRN stock as a Hold in their predictions for 2023.


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