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Equitrans Midstream Corp ETRN

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Stock XNYS Rating as of
$12.42 +0.17 (1.35%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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Equitrans Is Being Acquired by EQT in Good Deal for Shareholders

Stephen Ellis

After a multiyear battle with the courts and concerned stakeholders that had effectively blocked the Mountain Valley Pipeline, the Biden administration finally stepped in to save it. With legislation declaring the pipeline in the national interest and ordering the relevant agencies to issue the required permits by late June 2023, Equitrans now expects the pipeline to be in service in the second quarter of 2024. Equitrans expects to own 49% of the pipeline via a subsidiary as part of a joint venture and will be the operator once it is in service. With the pipeline derisked, EQT has stepped in to acquire Equitrans in an all-stock transaction due to close in the fourth quarter of 2024.

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Price vs Fair Value

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ETRN is trading at a 2% premium.
Price
$12.25
Fair Value
$72.00
Uncertainty
High
1-Star Price
$25.60
5-Star Price
$1.60
Economic Moat
Zcpkbhg
Capital Allocation
Fjz

Bulls Say, Bears Say

Bulls

The integration of Rice Energy Midstream offers optimization opportunities, given the geographic closeness of the assets, representing $300 million to $500 million in potential capital avoidance over the next five years.

Bears

There could still be legal challenges to the MVP Southgate and Hammerhead projects, as only the MVP is protected under legislation.

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Trading Information

Previous Close Price
$12.25
Day Range
$12.21–12.47
52-Week Range
$4.61–13.06
Bid/Ask
$12.41 / $12.42
Market Cap
$5.38 Bil
Volume/Avg
2.6 Mil / 7.2 Mil

Key Statistics

Price/Earnings (Normalized)
17.04
Price/Sales
3.83
Dividend Yield (Trailing)
4.89%
Dividend Yield (Forward)
4.89%
Total Yield
4.90%

Company Profile

Equitrans acquired EQM Midstream in mid-2020, consolidating the midstream family. Equitrans now own EQM assets directly versus just unit ownership. EQM Midstream provides gathering, transmission, and water services to primarily Appalachian producers in Pennsylvania, West Virginia, and Ohio.
Sector
Energy
Industry
Oil & Gas Midstream
Stock Style Box
Small Value
Total Number of Employees
773
Website
https://www.equitransmidstream.com

Competitors

Valuation

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Metric
ETRN
KMI
WMB
Price/Earnings (Normalized)
 17.0416.5919.68
Price/Book Value
 5.091.303.70
Price/Sales
 3.832.594.21
Price/Cash Flow
 8.436.437.85
Price/Earnings
ETRN
KMI
WMB

Financial Strength

Metric
ETRN
KMI
WMB
Quick Ratio
 0.670.230.65
Current Ratio
 0.760.350.77
Interest Coverage
 2.022.784.50
Quick Ratio
ETRN
KMI
WMB

Profitability

Metric
ETRN
KMI
WMB
Return on Assets (Normalized)
 3.67%3.46%4.67%
Return on Equity (Normalized)
 40.93%7.89%19.77%
Return on Invested Capital (Normalized)
 7.96%6.00%8.25%
Return on Assets
ETRN
KMI
WMB
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