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Equitrans Midstream Corp ETRN

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Equitrans Faces Yet Another Setback on the Mountain Valley Pipeline

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

The Federal Regulatory Energy Commission (FERC) deadlocked 2-2 with one commissioner abstaining on the Mountain Valley Pipeline's request to bore under streams and wetlands along the pipeline's 77 miles in West Virginia. We still expect the project to be in service by the end of the year, and our $15 fair value estimate and narrow moat ratings are unchanged. Our fair value estimate already reflects a substantial valuation discount to midstream peers to reflect the challenges and uncertainties associated with the Mountain Valley Pipeline.

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Company Profile

Business Description

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. After the transaction, EQT will own about 6% of the combined firm.

Contact
2200 Energy Drive
Canonsburg, PA, 15317
T +1 724 271-7600
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 800