EQM Midstream Partners LP (EQM) Plans Dividend Increase – $1.12 Per Share

EQM Midstream Partners LP (NYSE:EQM) declared a quarterly dividend on Tuesday, October 23rd, NASDAQ reports. Shareholders of record on Friday, November 2nd will be paid a dividend of 1.115 per share by the pipeline company on Wednesday, November 14th. This represents a $4.46 dividend on an annualized basis and a dividend yield of 9.21%. The ex-dividend date is Thursday, November 1st. This is an increase from EQM Midstream Partners’s previous quarterly dividend of $1.09.

EQM Midstream Partners has increased its dividend payment by an average of 21.9% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. EQM Midstream Partners has a payout ratio of 76.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect EQM Midstream Partners to earn $4.71 per share next year, which means the company should continue to be able to cover its $4.46 annual dividend with an expected future payout ratio of 94.7%.

Shares of NYSE EQM traded down $0.19 during midday trading on Thursday, reaching $48.41. 1,004,853 shares of the company traded hands, compared to its average volume of 964,133. The stock has a market cap of $5.92 billion, a PE ratio of 9.33 and a beta of 1.13. EQM Midstream Partners has a 12 month low of $42.87 and a 12 month high of $77.97. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.34 and a current ratio of 0.34.

EQM Midstream Partners (NYSE:EQM) last issued its quarterly earnings data on Thursday, October 25th. The pipeline company reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.07). EQM Midstream Partners had a net margin of 60.71% and a return on equity of 22.30%. The company had revenue of $364.58 million for the quarter, compared to the consensus estimate of $356.99 million. Analysts predict that EQM Midstream Partners will post 6.06 earnings per share for the current year.

A number of research analysts recently issued reports on EQM shares. Citigroup cut their price target on EQM Midstream Partners to $64.00 and set an “overweight” rating for the company in a report on Tuesday, September 25th. Barclays cut their price target on EQM Midstream Partners from $60.00 to $59.00 and set an “overweight” rating for the company in a report on Friday, October 12th. LADENBURG THALM/SH SH cut their price target on EQM Midstream Partners from $81.00 to $29.00 and set a “buy” rating for the company in a report on Friday, August 17th. Stifel Nicolaus lowered their price objective on EQM Midstream Partners from $61.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, October 9th. Finally, Morgan Stanley lowered their price objective on EQM Midstream Partners from $65.00 to $61.00 and set an “overweight” rating for the company in a research report on Friday, August 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $60.86.

A hedge fund recently raised its stake in EQM Midstream Partners stock. Bank of New York Mellon Corp raised its stake in shares of EQM Midstream Partners LP (NYSE:EQM) by 15.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,178 shares of the pipeline company’s stock after buying an additional 2,130 shares during the quarter. Bank of New York Mellon Corp’s holdings in EQM Midstream Partners were worth $834,000 at the end of the most recent reporting period. Institutional investors own 59.70% of the company’s stock.

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About EQM Midstream Partners

EQM Midstream Partners, LP provides natural gas gathering, transmission, and storage services in Pennsylvania, West Virginia, and Ohio. The company owns, operates, acquires, and develops midstream assets in the Appalachian Basin. The company also owns approximately 300 miles of high pressure gathering lines and 1,500 miles of federal energy regulatory commission (FERC) regulated low pressure gathering lines; and approximately 950 miles of FERC regulated interstate pipelines.

Further Reading: Quiet Period

Dividend History for EQM Midstream Partners (NYSE:EQM)

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