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Equitrans Midstream Corp ETRN

Morningstar Rating
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Stock XNYS Rating as of
$12.90 +0.08 (0.62%)
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As of Delayed Price Pre-Open: $13.10 +0.10
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Company Report

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Equitrans Is a Good Strategic Purchase by EQT

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 118% premium.
Price
$12.90
Fair Value
$17.00
Uncertainty
Low
1-Star Price
$14.44
5-Star Price
$93.20
Economic Moat
Njfwcf
Capital Allocation
Fysn

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
$12.82
Day Range
$12.79–13.08
52-Week Range
$8.45–14.64
Bid/Ask
$12.89 / $13.06
Market Cap
$5.64 Bil
Volume/Avg
14 / 6.1 Mil

Key Statistics

Price/Earnings (Normalized)
17.95
Price/Sales
4.09
Dividend Yield (Trailing)
4.68%
Dividend Yield (Forward)
4.68%
Total Yield
4.65%

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 Core
Total Number of Employees
773
Website
https://www.equitransmidstream.com

Competitors

Valuation

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Metric
ETRN
WMB
MPLX
Price/Earnings (Normalized)
 17.9521.7210.99
Price/Book Value
 5.204.153.36
Price/Sales
 4.094.884.09
Price/Cash Flow
 9.638.818.05
Price/Earnings
ETRN
WMB
MPLX

Financial Strength

Metric
ETRN
WMB
MPLX
Quick Ratio
 0.510.370.65
Current Ratio
 0.630.520.72
Interest Coverage
 2.054.055.45
Quick Ratio
ETRN
WMB
MPLX

Profitability

Metric
ETRN
WMB
MPLX
Return on Assets (Normalized)
 3.63%4.89%11.19%
Return on Equity (Normalized)
 40.21%20.70%54.71%
Return on Invested Capital (Normalized)
 8.91%8.53%14.35%
Return on Assets
ETRN
WMB
MPLX
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Oil & Gas Midstream Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Enbridge Inc
ENB
ZfznhjttKhxfhg$75.7 Bil
 Enterprise Products Partners LP
EPD
MxbtrnjwShfgk$63.1 Bil
 Energy Transfer LP
ET
MqlrBvrtm$55.3 Bil
 Williams Companies Inc
WMB
YvlsrjqrnVtzzdk$51.6 Bil
 ONEOK Inc
OKE
ZlbkjsfsWbmpbm$48.1 Bil
 Kinder Morgan Inc Class P
KMI
RmcpszhNgcsrw$43.8 Bil
 MPLX LP Partnership Units
MPLX
WvtbggnnjNcchgm$43.7 Bil
 Cheniere Energy Inc
LNG
BlsrbcwTpxh$39.9 Bil
 TC Energy Corp
TRP
JpkttkrvNpkkst$39.0 Bil
 Targa Resources Corp
TRGP
SjtzdpbdFlhnv$29.0 Bil

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