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Equitrans Midstream (ETRN) Stock Jumps 7%: Will It Continue to Soar?
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Equitrans Midstream (ETRN - Free Report) shares ended the last trading session 7% higher at $7.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.1% gain over the past four weeks.
Equitrans Midstream’s shares rallied on the last trading day. The bullishness could be attributed to continuing high energy prices which have contributed to the strength of Equitrans that owns, operates, acquires and develops midstream assets primarily in the Appalachian Basin. Oil prices of around $100 a barrel and natural gas surging to $8.339 per MMBtu hint at brighter prospects going ahead for the Canonsburg, Pennsylvania-based firm.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -15.4%. Revenues are expected to be $367.24 million, up 5.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Equitrans Midstream, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ETRN going forward to see if this recent jump can turn into more strength down the road.
Equitrans Midstream is a member of the Zacks Oil and Gas - Integrated - United States industry. One other stock in the same industry, DT Midstream (DTM - Free Report) , finished the last trading session 1.1% higher at $54.15. DTM has returned 8.6% over the past month.
For DT Midstream, the consensus EPS estimate for the upcoming report has changed +1.8% over the past month to $0.88. This represents a change of -3.3% from what the company reported a year ago. DT Midstream currently has a Zacks Rank of #2 (Buy).
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Equitrans Midstream (ETRN) Stock Jumps 7%: Will It Continue to Soar?
Equitrans Midstream (ETRN - Free Report) shares ended the last trading session 7% higher at $7.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 11.1% gain over the past four weeks.
Equitrans Midstream’s shares rallied on the last trading day. The bullishness could be attributed to continuing high energy prices which have contributed to the strength of Equitrans that owns, operates, acquires and develops midstream assets primarily in the Appalachian Basin. Oil prices of around $100 a barrel and natural gas surging to $8.339 per MMBtu hint at brighter prospects going ahead for the Canonsburg, Pennsylvania-based firm.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -15.4%. Revenues are expected to be $367.24 million, up 5.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Equitrans Midstream, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on ETRN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Equitrans Midstream is a member of the Zacks Oil and Gas - Integrated - United States industry. One other stock in the same industry, DT Midstream (DTM - Free Report) , finished the last trading session 1.1% higher at $54.15. DTM has returned 8.6% over the past month.
For DT Midstream, the consensus EPS estimate for the upcoming report has changed +1.8% over the past month to $0.88. This represents a change of -3.3% from what the company reported a year ago. DT Midstream currently has a Zacks Rank of #2 (Buy).