Goldman Sachs analyst John Mackay has reiterated their bullish stance on ETRN stock, giving a Buy rating on November 19.
John Mackay has given his Buy rating due to a combination of factors related to Equitrans Midstream Corp’s recent progress on the Mountain Valley Pipeline project. The company’s latest construction update indicates that the project is on schedule for completion in the first quarter of 2024. Mackay views the advancements since construction resumed in August and the near completion of the major boring processes as positive indicators, especially given the project’s historically challenging development over the past eight years.
The optimism in Mackay’s rating stems from the belief that the successful and timely completion of the pipeline will be a significant milestone for Equitrans Midstream. The construction update not only aligns with expectations but also provides a concrete demonstration of progress, which reinforces Mackay’s confidence in the company’s execution capabilities. This, in turn, supports the rationale behind maintaining a Buy rating for ETRN’s stock.
According to TipRanks, Mackay is a 3-star analyst with an average return of 8.4% and a 60.00% success rate. Mackay covers the Energy sector, focusing on stocks such as Equitrans Midstream, Kodiak Gas Services, Inc., and TC Energy.
In another report released on November 19, RBC Capital also maintained a Buy rating on the stock with a $13.00 price target.
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Equitrans Midstream (ETRN) Company Description:
Equitrans Midstream Corp. has a premier asset footprint in the Appalachian Basin and is one of the largest natural gas gatherers in the United States. It focuses on gas gathering systems, transmission and storage systems, and water services assets that support natural gas producers across the Basin. The company operates in the following segments: Gathering, Transmission and Water. The Gathering segments includes EQM’s high-pressure gathering lines and FERC-regulated low-pressure gathering lines. The Transmission segment includes EQM’s FERC-regulated interstate pipelines and storage system. The Water segment consists of EQM’s water pipelines, impoundment facilities, pumping stations, take point facilities and measurement facilities. Equitrans Midstream was founded on February 21, 2018 and is headquartered in Pittsburgh, PA.
Read More on ETRN:
- Equitrans Midstream call volume above normal and directionally bullish
- Equitrans Midstream sees 2023 net income $425M-$445M
- Equitrans Midstream reports Q3 adjusted EPS 28c, consensus 11c
- ETRN Upcoming Earnings Report: What to Expect?
- Equitrans Midstream falls after pushing back MVP completion to Q1 of 2024
