Equitrans Midstream Corporation (ETRN) closed at $4.93 in the latest trading session, marking a -1.99% move from the prior day. This change was narrower than the S&P 500's 4.41% loss on the day. Elsewhere, the Dow lost 4.44%, while the tech-heavy Nasdaq lost 4.41%.
Heading into today, shares of the company had lost 20.91% over the past month, outpacing the Oils-Energy sector's loss of 30.8% and lagging the S&P 500's loss of 12.16% in that time.
ETRN will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.40, up 60% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $422.50 million, up 8.39% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.70 per share and revenue of $1.65 billion, which would represent changes of -43.33% and +1.27%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for ETRN. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. ETRN currently has a Zacks Rank of #3 (Hold).
In terms of valuation, ETRN is currently trading at a Forward P/E ratio of 2.97. This represents a premium compared to its industry's average Forward P/E of 2.78.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 165, which puts it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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