The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Equitrans Midstream Corporation shares valued at $49,810 were purchased by Moore Stephen M on Mar 14. At $5.86 per share, Moore Stephen M acquired 8,500 shares. The insider’s holdings grew to 188,916 shares worth approximately $1.03 million following the completion of this transaction.
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As published in a research note from Goldman on February 01, 2023, Equitrans Midstream Corporation [ETRN] has been rated down from a Buy to a Sell and the price target has been revised to $6 from $9.50. This represents a 9.33% premium over Wednesday’s closing price. Analysts at Wells Fargo downgraded the stock from ‘”an Overweight”‘ to ‘”an Equal weight”‘ outlook in a report released in mid December. As of December 09, 2022, Citigroup has initiated its “Neutral” rating for ETRN. Earlier on October 19, 2022, Wolfe Research downgraded its rating. Their new recommendation was “a Peer perform” for ETRN stock which previously was a “an Outperform”.
Analyzing ETRN Stock Performance
On Wednesday, Equitrans Midstream Corporation [NYSE: ETRN] plunged -5.88% to $5.44. The stock’s lowest price that day was $5.305, but it reached a high of $5.63 in the same session. During the last five days, there has been a drop of approximately -10.38%. Over the course of the year, Equitrans Midstream Corporation shares have dropped approximately -18.81%. Shares of the company reached a 52-week high of $7.41 on 01/11/23 and a 52-week low of $5.30 on 03/15/23. A 50-day SMA is recorded $6.65, while a 200-day SMA reached $7.63. Nevertheless, trading volume fell to 4.9 million shares from 5.67 million shares the previous day.
Support And Resistance Levels for Equitrans Midstream Corporation (ETRN)
According to the 24-hour chart, there is a support level at 5.29, which, if violated, would cause prices to drop to 5.13. In the upper region, resistance lies at 5.61. The next price resistance is at 5.78. RSI (Relative Strength Index) is 28.50 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.35, which suggests the price will decrease in the coming days. Percent R is at 86.70%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Equitrans Midstream Corporation subject to short interest?
Stocks of Equitrans Midstream Corporation saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.74 million shares to 12.57 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 13.31 million shares. A decline of -5.89% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.37 of the overall float, the days-to-cover ratio (short ratio) decline to 4.37.
Which companies own the most shares of Equitrans Midstream Corporation (ETRN)?
According to Capital Research & Management Co filings, the company currently owns 49,236,368 shares, which is about 11.38% of the total ETRN shares outstanding. The investor’s shares have appreciated by 98,495 from its previous 13-F filing of 49137873.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $284,762,831. The Vanguard Group, Inc. acquire a 2.41% interest valued at $274.74 million while T. Rowe Price Associates, Inc. sold a -10,186,388 stake. A total of 382,499 shares of Equitrans Midstream Corporation were sold by SSgA Funds Management, Inc. during the quarter, and 5,379,994 were bought by Zimmer Partners LP. In its current portfolio, Brookfield Public Securities Grou holds 13,391,903 shares valued at $80.75 million.
In terms of Equitrans Midstream Corporation share price expectations, FactSet research, analysts set an average price target of $7.86 in the next 12 months, up nearly 38.41% from the previous closing price of $5.78. Analysts anticipate Equitrans Midstream Corporation stock to reach $10.00 by 2023, with the lowest price target being $6.00. In spite of this, 14 analysts ranked Equitrans Midstream Corporation stock as a Hold at the end of 2023. On September 28, 2022, BofA Securities assigned a price target of “an Underperform” to the stock and downgraded coverage with a $6.50.