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Equitrans Midstream Corp ETRN Stock Quote

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Morningstar‘s Stock Analysis ETRN

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Equitrans Remains Committed to MVP Despite Write-Off, Highlights Permitting Proposals

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Equitrans’ core business continued to perform well in the third quarter, despite the ongoing legal and permitting overhang from the Mountain Valley Pipeline, or MVP, project. We reiterate our view that this existing business, which generates between $1 billion to $1.1 billion in EBITDA annually, is worth at least $10 per share in the event of a MVP cancellation. Equitrans also has ample capacity to continue to fund its $0.60 per share dividend. After incorporating the latest MVP updates into our model, our $14 per share fair value estimate is unchanged, as is our narrow moat rating. Our fair value estimate is a 50/50 weighting of our $10 per share fair value in the case of a MVP cancellation, and a $17 fair value where we assume the MVP enters service. We continue to think investors are unfairly discounting the stock to well below what it would be worth if MVP were to fail, limiting downside for investors, in our view.

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Key Statistics ETRN

Company Profile ETRN

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.

2200 Energy Drive
Canonsburg, PA, 15317
T +1 724 271-7600
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 766

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