EQM Midstream Partners, LP recently released 2020 total growth capital budget in the range of $1.2-$1.3 billion compared with projected capex of $1.7 billion for 2019. The company expects its ongoing maintenance capital expenditure to be around $55 million.
The company also provided 2020 forecast of adjusted EBITDA within $1.36-$1.41 billion compared with 2019 estimated range of $1.33-$1.35 billion. Net income attributable to the partnership for 2020 is estimated in the band of $1.05-$1.10 billion, much higher than 2019 expected range of $650-$670 million.
The partnership’s capital contribution to the Mountain Valley Pipeline (MVP) project for 2020 is estimated in the range of $650-$700 million. The 303-mile natural gas pipeline system will connect the prolific Marcellus and Utica shales to markets in the U.S. Mid- and South Atlantic regions. The 2-billion cubic feet per day pipeline’s entire capacity has been fully subscribed under 20-year contracts. The project is expected to come online by 2020-end.
EQM Midstream’s Gathering capital expenditure for 2020 is estimated in the $430-$460 million range. It includes around $60 million for its 60% stake in the Eureka Midstream Holdings. Notably, the partnership allocated 2020 capital budget of $100-$120 million for transmission operations. Of the total amount, around $50 million will be directed toward the MVP joint venture for the Southgate project.
Markedly, the partnership expects to maintain quarterly distribution of $1.16 per common unit until the MVP project comes online. Moreover, Equitrans Midstream Corporation (ETRN - Free Report) — which owns the majority stake in EQM Midstream — intends to maintain quarterly dividend of 45 cents per share during the same time frame.
Price Performance
EQM Midstream has lost 41.3% year to date against the 9% collective rise of the stocks belonging to the industry.
Zacks Rank & Stocks to Consider
Currently, EQM Midstream carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy sector include Antero Midstream Corporation (AM - Free Report) and Frank's International N.V. (FI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Midstream’s bottom line for the current quarter is expected to skyrocket 130% year over year.
Frank's International’s bottom line for 2019 is expected to rise 23.8% year over year.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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EQM Midstream Partners, LP recently released 2020 total growth capital budget in the range of $1.2-$1.3 billion compared with projected capex of $1.7 billion for 2019. The company expects its ongoing maintenance capital expenditure to be around $55 million.
The company also provided 2020 forecast of adjusted EBITDA within $1.36-$1.41 billion compared with 2019 estimated range of $1.33-$1.35 billion. Net income attributable to the partnership for 2020 is estimated in the band of $1.05-$1.10 billion, much higher than 2019 expected range of $650-$670 million.
The partnership’s capital contribution to the Mountain Valley Pipeline (MVP) project for 2020 is estimated in the range of $650-$700 million. The 303-mile natural gas pipeline system will connect the prolific Marcellus and Utica shales to markets in the U.S. Mid- and South Atlantic regions. The 2-billion cubic feet per day pipeline’s entire capacity has been fully subscribed under 20-year contracts. The project is expected to come online by 2020-end.
EQM Midstream’s Gathering capital expenditure for 2020 is estimated in the $430-$460 million range. It includes around $60 million for its 60% stake in the Eureka Midstream Holdings. Notably, the partnership allocated 2020 capital budget of $100-$120 million for transmission operations. Of the total amount, around $50 million will be directed toward the MVP joint venture for the Southgate project.
Markedly, the partnership expects to maintain quarterly distribution of $1.16 per common unit until the MVP project comes online. Moreover, Equitrans Midstream Corporation (ETRN - Free Report) — which owns the majority stake in EQM Midstream — intends to maintain quarterly dividend of 45 cents per share during the same time frame.
Price Performance
EQM Midstream has lost 41.3% year to date against the 9% collective rise of the stocks belonging to the industry.
Zacks Rank & Stocks to Consider
Currently, EQM Midstream carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy sector include Antero Midstream Corporation (AM - Free Report) and Frank's International N.V. (FI - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Antero Midstream’s bottom line for the current quarter is expected to skyrocket 130% year over year.
Frank's International’s bottom line for 2019 is expected to rise 23.8% year over year.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
See 5 Stocks Set to Double>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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