Equitrans Midstream Corp Stock Research

Market Summary

USD5.45+0.01

Market Closed

0.18%

ETRN Alerts

Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

ETRN Stock Price

ETRN RSI Chart

ETRN Valuation

Market Cap

2.4B

Price/Earnings (Trailing)

-8.76

Price/Sales (Trailing)

1.74

EV/EBITDA

-6.14

Price/Free Cashflow

5.03

ETRN Price/Sales (Trailing)

ETRN Profitability

EBT Margin

-18.46%

Return on Equity

-29.3%

Return on Assets

-2.58%

Free Cashflow Yield

19.89%

ETRN Fundamentals

ETRN Revenue

Revenue (TTM)

1.4B

Revenue Y/Y

44.01%

Revenue Q/Q

7.08%

ETRN Earnings

Earnings (TTM)

-269.3M

Earnings Y/Y

104.36%

Earnings Q/Q

113.83%

Price Action

52 Week Range

5.319.72

(Low)(High)

Last 7 days

-10.4%

Last 30 days

-18.8%

Last 90 days

-22.9%

Trailing 12 Months

-20.3%

ETRN Financial Health

Current Ratio

0.94

ETRN Investor Care

Dividend Yield

11.01%

Dividend/Share (TTM)

0.6

Shares Dilution (1Y)

0.06%

Diluted EPS (TTM)

-0.76

Peers (Alternatives to Equitrans Midstream)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ET	40.6B	89.9B	-7.80%	29.98%	8.97	1.48	33.31%	-13.05%
KMI	37.2B	19.2B	-9.84%	0.22%	14.6	1.94	15.59%	42.83%
WMB	35.1B	11.0B	-9.53%	-6.22%	17.15	3.2	3.18%	35.07%
CQP	28.8B	17.2B	-15.82%	-1.16%	20.75	2.2	82.38%	53.25%
OKE	27.3B	22.4B	-12.90%	-0.85%	15.84	1.22	35.35%	14.84%
MID-CAP
DCP	8.2B	15.0B	0.07%	47.53%	9.89	0.59	40.03%	169.05%
NFE	6.0B	2.4B	-28.31%	1.19%	30.82	2.53	79.03%	100.28%
ENLC	5.0B	9.5B	-17.92%	24.51%	13.71	0.52	42.72%	1512.95%
ETRN	2.4B	1.4B	-18.81%	-20.26%	-8.76	1.74	3.09%	80.92%
DKL	2.3B	1.0B	8.06%	34.17%	14.33	2.2	47.87%	-3.50%
SMALL-CAP
NS	1.7B	226.0M	-11.30%	11.36%	7.7	7.59	436.62%	482.73%
VTNR	592.5M	2.8B	-5.10%	-10.81%	-122.87	0.21	2311.20%	73.74%
RTLR	582.1M	404.2M	19.84%	54.87%	15.22	1.44	-0.37%	17.85%
SMLP	202.8M	369.6M	-3.26%	12.60%	-1.71	0.51	-7.74%	-284.00%

Financials for Equitrans Midstream

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	8.7%	1,357,747,000	1,249,180,000	1,259,503,000	1,279,187,000	1,317,037,000
S&GA Expenses	3.1%	128,472,000	124,594,000	124,806,000	131,279,000	137,056,000
EBITDA	84.8%	-372,832,000	-2,454,394,000	-1,781,043,000	-1,804,681,000	-
EBITDA Margin	86.0%	-0.27	-1.96	-1.41	-1.41	-
Earnings Before Taxes	89.3%	-250,694,000	-2,341,030,000	-1,716,759,000	-1,732,448,000	-1,740,643,000
EBT Margin	90.1%	-0.18	-1.87	-1.33	-1.33	-
Interest Expenses	-2.9%	-394,333,000	-383,086,000	-376,102,000	-376,627,000	-378,650,000
Net Income	86.2%	-269,342,000	-1,956,077,000	-1,364,439,000	-1,388,828,000	-1,411,820,000
Net Income Margin	87.3%	-0.20	-1.57	-1.05	-1.06	-
Free Cahsflow	-36.3%	469,114,000	737,006,000	770,272,000	824,621,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.1%	10,446	10,335	10,909	10,776	10,883
Current Assets	17.3%	390	332	392	326	447
Cash Equivalents	41.3%	68.00	48.00	115	42.00	135
Net PPE	0.3%	7,884	7,859	7,822	7,784	7,788
Goodwill	0%	487	487	487	487	487
Liabilities	1.2%	8,365	8,262	8,241	8,098	8,228
Current Liabilities	-23.6%	413	541	300	208	368
LT Debt, Current	-0.1%	99.00	99.00	-	-	-
Shareholder's Equity	0.7%	919	913	1,495	1,509	1,489
Retained Earnings	0.0%	-3,053	-3,054	-2,468	-2,449	-2,464
Accumulated Depreciation	4.8%	1,481	1,412	1,344	1,278	1,217
Shares Outstanding	0%	433	433	433	433	433
Minority Interest	-0.8%	479	483	-	-	-

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-22.6%	846	1,093	1,094	1,125	1,169
Share Based Compensation	8.0%	16.00	15.00	14.00	13.00	13.00
Cashflow From Investing	7.6%	-567	-614	-632	-644	-572
Cashflow From Financing	44.8%	-345	-625	-588	-670	-669
Dividend Payments	0.0%	260	260	260	260	259
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for ETRN

What is the probability of a big loss on ETRN?

81.8%

Probability that Equitrans Midstream stock will be more than 20% underwater in next one year

72.7%

Probability that Equitrans Midstream stock will be more than 30% underwater in next one year.

64.5%

Probability that Equitrans Midstream stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does ETRN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Equitrans Midstream was unfortunately bought at previous high price.

Drawdowns

Returns for ETRN

Cumulative Returns on ETRN

8.6%

3-Year Cumulative Returns

Which funds bought or sold ETRN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-3.02	-12,077	77,923	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.02	-74,438	635,562	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-8.8	-4,000	16,000	-%
2023-02-28	Voya Investment Management LLC	added	13.06	46,885	3,720,880	-%
2023-02-24	Garde Capital, Inc.	sold off	-100	-101,000	-	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	unchanged	-	-50,000	431,000	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	reduced	-95.86	-22,136	864	-%
2023-02-21	MACQUARIE GROUP LTD	added	34.07	188,000	1,267,000	-%
2023-02-21	NORTHWESTERN MUTUAL INVESTMENT MANAGEMENT COMPANY, LLC	reduced	-35.92	-199,652	268,348	0.01%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	683	683	-%

Latest Funds Activity

Are funds buying ETRN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own ETRN

No. of Funds

Equitrans Midstream News

Schedule 13G FIlings of Equitrans Midstream

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	price t rowe associates inc /md/	7.2%	31,316,116	SC 13G/A
Feb 13, 2023	capital international investors	12.2%	53,000,392	SC 13G/A
Feb 09, 2023	vanguard group inc	10.71%	46,363,990	SC 13G/A
Jan 26, 2023	blackrock inc.	12.0%	51,729,117	SC 13G/A
Jan 20, 2023	blackrock inc.	12.0%	51,729,117	SC 13G
Jul 11, 2022	vanguard group inc	10.00%	43,276,434	SC 13G/A
Apr 28, 2022	eqt corp	0%	0	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	5.0%	21,697,668	SC 13G
Feb 11, 2022	capital international investors	11.7%	50,477,217	SC 13G/A
Feb 04, 2022	eqt corp	5.3%	22,796,026	SC 13G/A

ETRN Fair Value

Equitrans Midstream fair value in different scenarios

The table shows the Fair Value estimates for Equitrans Midstream for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	1.67 -69.36%	2.32 -57.43%	2.68 -50.83%	3.52 -35.41%	4.20 -22.94%
Current Inflation	1.62 -70.28%	2.19 -59.82%	2.52 -53.76%	3.24 -40.55%	3.83 -29.72%
Very High Inflation	1.55 -71.56%	2.03 -62.75%	2.31 -57.61%	2.90 -46.79%	3.39 -37.80%

Historical Equitrans Midstream Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Equitrans Midstream

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	4	Insider Trading
Mar 14, 2023	DEFA14A	DEFA14A
Mar 02, 2023	DEFA14A	DEFA14A
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Mar 01, 2023	4	Insider Trading
Feb 23, 2023	DEF 14A	DEF 14A
Feb 22, 2023	8-K	Current Report

Latest Insider Trading transactions for ETRN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-14	Moore Stephen M	bought	49,810	5.86	8,500	sr vp & general counsel
2023-02-27	Pietrandrea Brian P.	acquired	179,254	6.20407	28,893	vp and cao
2023-02-27	Oliver Kirk R	acquired	717,003	6.20406	115,570	sr vp & cfo
2023-02-27	KARAM THOMAS F	sold (taxes)	-92,413	6.11	-15,125	chairman and ceo
2023-02-27	Charletta Diana M	acquired	1,466	6.11	240	president and coo
2023-02-27	Moore Stephen M	acquired	578,001	6.20333	93,176	sr vp & general counsel
2023-02-27	Pietrandrea Brian P.	sold (taxes)	-3,195	6.11	-523	vp and cao
2023-02-27	Charletta Diana M	acquired	920,293	6.20219	148,382	president and coo
2023-02-27	Charletta Diana M	sold (taxes)	-30,806	6.11	-5,042	president and coo
2023-02-27	Moore Stephen M	sold (taxes)	-11,908	6.11	-1,949	sr vp & general counsel

About Equitrans Midstream

Thomas F. Karam

www.equitransmidstream.com

770

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines. The Transmission and Storage System segment comprises 950 miles of FERC regulated interstate pipeline that connects to seven interstate pipelines and local distribution companies. The Water Service System segment include two independent systems comprised approximately 200 miles of pipeline that deliver fresh water from the Monongahela River, the Ohio River, local reservoirs, and various regional waterways. Equitrans Midstream Corporation was incorporated in 2018 and is headquartered in Canonsburg, Pennsylvania.

ETRN Income Statement

2022-12-31

Statements of Consolidated Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement [Abstract]

Operating revenues

$ 1,357,747

$ 1,317,037

$ 1,510,825

Operating expenses:

Operating and maintenance

154,667

153,179

154,109

Selling, general and administrative

128,472

137,056

129,969

Transaction costs

23,797

Depreciation

272,195

270,404

259,613

Amortization of intangible assets

64,819

63,195

Impairments of long-lived assets and equity method investments

56,178

55,581

Total operating expenses

620,153

681,636

686,264

Operating income

737,594

635,401

824,561

Equity income

^[1],[2]

168

17,579

233,833

Impairments of equity method investment

(583,057)

(1,926,402)

Other income (expense), net

13,871

(47,546)

10,427

Loss on extinguishment of debt

(24,937)

(41,025)

(24,864)

Net interest expense

(394,333)

(378,650)

(307,380)

(Loss) income before income taxes

(250,694)

(1,740,643)

736,577

Income tax expense (benefit)

6,444

(343,353)

103,593

Net (loss) income

(257,138)

(1,397,290)

632,984

Net (loss) income attributable to Equitrans Midstream

12,204

14,530

214,912

Net (loss) income attributable to Equitrans Midstream

(269,342)

(1,411,820)

418,072

Preferred dividends

58,512

58,760

Net (loss) income attributable to Equitrans Midstream common shareholders

$ (327,854)

$ (1,470,332)

$ 359,312

Earnings Per Share, Basic [Abstract]

(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share)

$ (0.76)

$ (3.40)

$ 1.04

Weighted average common stock outstanding (in shares)

433,341

433,008

343,935

Earnings Per Share, Diluted [Abstract]

(Loss) earnings per share of common stock attributable to Equitrans Midstream common shareholders (in dollars per share)

$ (0.76)

$ (3.40)

$ 1.04

Weighted average common stock outstanding (in shares)

433,341

433,008

343,975

Net (loss) income

$ (257,138)

$ (1,397,290)

$ 632,984

Other comprehensive loss, net of tax:

Pension and other post-retirement benefits liability adjustment, net of tax expense (benefit) of $236, $62 and $(70)

722

175

(203)

Other comprehensive income (loss)

722

175

(203)

Comprehensive (loss) income

(256,416)

(1,397,115)

632,781

Less: Comprehensive income attributable to noncontrolling interests

12,204

14,530

214,912

Less: Comprehensive income attributable to preferred dividends

58,512

58,760

Comprehensive (loss) income attributable to Equitrans Midstream common shareholders

$ (327,132)

$ (1,470,157)

$ 359,109

Dividends declared per common share (in dollars per share)

$ 0.60

[1]	Represents equity income from Mountain Valley Pipeline, LLC (the MVP Joint Venture). See Note 8.
[2]	Represents equity income from the MVP Joint Venture. See Note 8.

ETRN Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Current assets:

Cash and cash equivalents

$ 67,898

$ 134,661

Accounts receivable (net of allowance for credit losses of $3,031 and $2,696 as of December 31, 2022 and 2021, respectively)

246,887

252,301

Other current assets

74,917

59,867

Total current assets

389,702

446,829

Property, plant and equipment

9,365,051

9,004,602

Less: accumulated depreciation

(1,480,720)

(1,217,099)

Net property, plant and equipment

7,884,331

7,787,503

Investments in unconsolidated entity

^[1]

819,743

1,239,039

Goodwill

486,698

Net intangible assets

586,952

651,771

Other assets

278,159

270,684

Total assets

10,445,585

10,882,524

Current liabilities:

Current portion of long-term debt

98,830

Accounts payable

60,528

59,627

Capital contributions payable to the MVP Joint Venture

34,355

72,188

Accrued interest

135,762

151,909

Accrued liabilities

83,835

83,852

Total current liabilities

413,310

367,576

Long-term liabilities:

Revolving credit facility borrowings

535,000

505,000

Long-term debt

6,335,320

6,434,945

Contract liability

968,535

821,342

Regulatory and other long-term liabilities

112,974

99,333

Total liabilities

8,365,139

8,228,196

Mezzanine equity:

Equitrans Midstream Preferred Shares, 30,018 shares issued and outstanding as of December 31, 2022 and 2021

681,842

Shareholders' equity:

Common stock, no par value, 432,781 and 432,522 shares issued and outstanding as of December 31, 2022 and 2021, respectively

3,974,127

3,955,918

Retained deficit

(3,053,590)

(2,464,573)

Accumulated other comprehensive loss

(1,332)

(2,054)

Total common shareholders' equity

919,205

1,489,291

Noncontrolling interests

479,399

483,195

Total shareholders' equity

1,398,604

1,972,486

Total liabilities, mezzanine equity and shareholders' equity

$ 10,445,585

$ 10,882,524

[1]	Represents investment in the MVP Joint Venture. See Note 8.