Rafferty Asset Management LLC acquired a new position in shares of EQM Midstream Partners LP (NYSE:EQM) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 47,850 shares of the pipeline company’s stock, valued at approximately $2,526,000.
Several other institutional investors and hedge funds also recently modified their holdings of EQM. Gryphon Financial Partners LLC lifted its stake in shares of EQM Midstream Partners by 100.2% during the third quarter. Gryphon Financial Partners LLC now owns 3,791 shares of the pipeline company’s stock worth $200,000 after purchasing an additional 1,897 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new position in shares of EQM Midstream Partners in the third quarter worth about $244,000. Keybank National Association OH lifted its stake in shares of EQM Midstream Partners by 26.2% in the second quarter. Keybank National Association OH now owns 4,753 shares of the pipeline company’s stock worth $245,000 after acquiring an additional 987 shares in the last quarter. Berman Capital Advisors LLC acquired a new position in shares of EQM Midstream Partners in the third quarter worth about $261,000. Finally, Nwam LLC acquired a new position in shares of EQM Midstream Partners in the third quarter worth about $278,000. Institutional investors own 59.70% of the company’s stock.
Shares of EQM Midstream Partners stock opened at $48.53 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market capitalization of $5.92 billion, a P/E ratio of 9.35 and a beta of 1.13. EQM Midstream Partners LP has a fifty-two week low of $42.87 and a fifty-two week high of $77.97.
EQM Midstream Partners (NYSE:EQM) last announced its quarterly earnings data on Thursday, October 25th. The pipeline company reported $1.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.21 by ($0.07). The firm had revenue of $364.58 million during the quarter, compared to the consensus estimate of $356.99 million. EQM Midstream Partners had a net margin of 60.71% and a return on equity of 22.30%. Equities research analysts anticipate that EQM Midstream Partners LP will post 6.06 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Investors of record on Friday, November 2nd were issued a $1.115 dividend. This is a positive change from EQM Midstream Partners’s previous quarterly dividend of $1.09. This represents a $4.46 annualized dividend and a yield of 9.19%. The ex-dividend date was Thursday, November 1st. EQM Midstream Partners’s payout ratio is currently 85.93%.
Several research firms recently commented on EQM. Zacks Investment Research cut EQM Midstream Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, July 31st. Bank of America cut their price target on EQM Midstream Partners from $64.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 21st. Morgan Stanley cut their price target on EQM Midstream Partners from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, November 14th. Wells Fargo & Co cut EQM Midstream Partners from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $69.00 to $77.00 in a research note on Monday, July 30th. Finally, Barclays cut their price target on EQM Midstream Partners from $64.00 to $60.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $60.86.
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About EQM Midstream Partners
EQM 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 owns 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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