Zacks Investment Research Lowers EQM Midstream Partners (NYSE:EQM) to Hold

Zacks Investment Research lowered shares of EQM Midstream Partners (NYSE:EQM) from a buy rating to a hold rating in a report issued on Friday morning, Zacks.com reports.

According to Zacks, “EQT Midstream Partners, LP is formed to own, operate, acquire and develop midstream assets in the Appalachian Basin. The Company provides substantially all of its natural gas transmission, storage and gathering services under contracts with fixed reservation and/or usage fees. It operates primarily in the Marcellus Shale area of southern Pennsylvania and northern West Virginia. EQT Midstream Partners, LP is based in Pittsburgh, Pennsylvania. “

EQM has been the subject of a number of other research reports. Stifel Nicolaus set a $46.00 price target on shares of EQM Midstream Partners and gave the company a hold rating in a research note on Wednesday, July 31st. Citigroup set a $52.00 target price on shares of EQM Midstream Partners and gave the stock a buy rating in a research note on Monday, April 22nd. Royal Bank of Canada set a $42.00 target price on shares of EQM Midstream Partners and gave the stock a hold rating in a research note on Wednesday, July 31st. Finally, Credit Suisse Group cut their target price on shares of EQM Midstream Partners from $45.00 to $43.00 and set a neutral rating for the company in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $48.92.

EQM stock traded down $1.98 during trading hours on Friday, reaching $34.62. The stock had a trading volume of 17,044 shares, compared to its average volume of 680,880. The company has a market capitalization of $7.59 billion, a PE ratio of 6.84 and a beta of 0.97. The company has a quick ratio of 0.69, a current ratio of 0.43 and a debt-to-equity ratio of 0.92. The company’s 50-day moving average is $42.65. EQM Midstream Partners has a fifty-two week low of $36.06 and a fifty-two week high of $58.00.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 13th. Stockholders of record on Friday, August 2nd will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 13.40%. The ex-dividend date is Thursday, August 1st. EQM Midstream Partners’s dividend payout ratio is presently 91.52%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC lifted its stake in shares of EQM Midstream Partners by 25.0% during the 1st quarter. Advisory Services Network LLC now owns 6,500 shares of the pipeline company’s stock worth $300,000 after buying an additional 1,300 shares during the last quarter. Ballentine Partners LLC acquired a new stake in EQM Midstream Partners in the 1st quarter worth about $379,000. CIBC Private Wealth Group LLC raised its stake in EQM Midstream Partners by 16.9% in the 1st quarter. CIBC Private Wealth Group LLC now owns 1,854,898 shares of the pipeline company’s stock worth $85,641,000 after purchasing an additional 267,721 shares in the last quarter. Advisor Group Inc. raised its stake in EQM Midstream Partners by 297.8% in the 4th quarter. Advisor Group Inc. now owns 3,103 shares of the pipeline company’s stock worth $135,000 after purchasing an additional 2,323 shares in the last quarter. Finally, Miller Howard Investments Inc. NY raised its stake in EQM Midstream Partners by 1.1% in the 1st quarter. Miller Howard Investments Inc. NY now owns 447,839 shares of the pipeline company’s stock worth $20,677,000 after purchasing an additional 4,969 shares in the last quarter. Institutional investors own 38.04% of the company’s stock.

About EQM Midstream Partners

EQM Midstream Partners, LP owns, operates, acquires, and develops midstream assets in the Appalachian Basin. It operates through three segments: Gathering, Transmission, and Water. As of December 31, 2018, the company owned approximately 700 miles of high-pressure gathering lines and 1,500 miles of Federal Energy Regulatory Commission (FERC) regulated low-pressure gathering lines; approximately 950 miles of FERC regulated interstate pipelines; and approximately 160 miles of pipelines.

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