Equitrans Midstream (NYSE:ETRN) Investors Are Sitting on a Loss of 31% If They Invested Five Years Ago
Equitrans Midstream (NYSE:ETRN) Investors Are Sitting on a Loss of 31% If They Invested Five Years Ago
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results between individual stocks. At this point some shareholders may be questioning their investment in Equitrans Midstream Corporation (NYSE:ETRN), since the last five years saw the share price fall 55%. Furthermore, it's down 12% in about a quarter. That's not much fun for holders. But this could be related to the weak market, which is down 11% in the same period.
选股的主要目的是寻找跑赢大盘的股票。但在任何投资组合中，个股之间的结果都会喜忧参半。在这一点上，一些股东可能会质疑他们在Equitrans Midstream公司(纽约证券交易所代码：ETRN)，自过去五年以来，股价下跌了55%。此外，它在大约四分之一的时间里下跌了12%。对于持有者来说，这并不是什么乐趣。但这可能与疲软的市场有关，同期市场下跌了11%。
So let's have a look and see if the longer term performance of the company has been in line with the underlying business' progress.
因此，让我们来看看该公司的长期业绩是否与基础业务的进展一致。
View our latest analysis for Equitrans Midstream
查看我们对Equitrans Midstream的最新分析
Because Equitrans Midstream made a loss in the last twelve months, we think the market is probably more focussed on revenue and revenue growth, at least for now. When a company doesn't make profits, we'd generally expect to see good revenue growth. As you can imagine, fast revenue growth, when maintained, often leads to fast profit growth.
由于Equitrans Midstream在过去12个月中出现亏损，我们认为市场可能更关注收入和收入增长，至少目前是这样。当一家公司没有盈利时，我们通常预计会看到良好的收入增长。正如你可以想象的那样，快速的收入增长，如果保持下去，往往会带来快速的利润增长。
Over half a decade Equitrans Midstream reduced its trailing twelve month revenue by 2.7% for each year. While far from catastrophic that is not good. The share price decline of 9% compound, over five years, is understandable given the company is losing money, and revenue is moving in the wrong direction. We don't think anyone is rushing to buy this stock. Ultimately, it may be worth watching - should revenue pick up, the share price might follow.
在五年的时间里，Equitrans Midstream的往绩12个月收入每年减少2.7%。虽然这远不是灾难性的，但这并不是一件好事。考虑到该公司正在亏损，而收入却在朝着错误的方向发展，股价在过去五年里下跌了9%是可以理解的。我们认为没有人急于购买这只股票。归根结底，这可能值得关注--如果收入回升，股价可能会随之回升。
The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).
该公司的收入和收益(随着时间的推移)如下图所示(点击查看具体数字)。
If you are thinking of buying or selling Equitrans Midstream stock, you should check out this FREE detailed report on its balance sheet.
如果你正在考虑买卖Equitrans Midstream的股票，你应该看看这个免费关于其资产负债表的详细报告。
What About Dividends?
那股息呢？
As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Equitrans Midstream's TSR for the last 5 years was -31%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
除了衡量股价回报外，投资者还应考虑总股东回报(TSR)。TSR包括任何剥离或贴现融资的价值，以及任何股息，基于股息再投资的假设。因此，对于支付丰厚股息的公司来说，TSR往往比股价回报高得多。碰巧的是，Equitrans Midstream在过去5年的TSR为-31%，超过了前面提到的股价回报率。该公司支付的股息因此提振了总计股东回报。
A Different Perspective
不同的视角
It's good to see that Equitrans Midstream has rewarded shareholders with a total shareholder return of 13% in the last twelve months. That's including the dividend. Notably the five-year annualised TSR loss of 5% per year compares very unfavourably with the recent share price performance. This makes us a little wary, but the business might have turned around its fortunes. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider for instance, the ever-present spectre of investment risk. We've identified 1 warning sign with Equitrans Midstream , and understanding them should be part of your investment process.
很高兴看到Equitrans Midstream在过去12个月里为股东带来了13%的总股东回报。这还包括股息。值得注意的是，与最近的股价表现相比，TSR每年5%的年化亏损非常糟糕。这让我们有点警惕，但这家企业可能已经扭转了命运。虽然值得考虑市场状况对股价可能产生的不同影响，但还有其他更重要的因素。例如，考虑一下无处不在的投资风险幽灵。我们已经确定了1个警告信号与Equitrans Midstream合作，了解它们应该是您投资过程的一部分。
If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: insiders have been buying them).
如果你喜欢和管理层一起买股票，那么你可能会喜欢这本书免费公司名单。(提示：内部人士一直在买入这些股票)。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意，本文引用的市场回报反映了目前在美国交易所交易的股票的市场加权平均回报。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。