Groesbeck Investment Management Corp NJ Acquires 17,117 Shares of EQM Midstream Partners LP (NYSE:EQM)

Groesbeck Investment Management Corp NJ increased its holdings in shares of EQM Midstream Partners LP (NYSE:EQM) by 46.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,617 shares of the pipeline company’s stock after acquiring an additional 17,117 shares during the period. EQM Midstream Partners comprises approximately 1.3% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 26th largest holding. Groesbeck Investment Management Corp NJ’s holdings in EQM Midstream Partners were worth $1,753,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Creative Planning grew its position in EQM Midstream Partners by 4.2% during the 3rd quarter. Creative Planning now owns 9,582 shares of the pipeline company’s stock worth $313,000 after acquiring an additional 382 shares during the last quarter. Icon Wealth Partners LLC boosted its position in EQM Midstream Partners by 4.9% in the 2nd quarter. Icon Wealth Partners LLC now owns 8,654 shares of the pipeline company’s stock valued at $387,000 after buying an additional 401 shares during the last quarter. Northern Oak Wealth Management Inc. boosted its position in EQM Midstream Partners by 15.2% in the 2nd quarter. Northern Oak Wealth Management Inc. now owns 3,800 shares of the pipeline company’s stock valued at $170,000 after buying an additional 500 shares during the last quarter. First Republic Investment Management Inc. boosted its position in EQM Midstream Partners by 4.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 13,147 shares of the pipeline company’s stock valued at $587,000 after buying an additional 520 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in EQM Midstream Partners by 3.3% in the 2nd quarter. Van ECK Associates Corp now owns 18,775 shares of the pipeline company’s stock valued at $839,000 after buying an additional 591 shares during the last quarter. Institutional investors and hedge funds own 37.25% of the company’s stock.

EQM traded down $1.35 during mid-day trading on Monday, reaching $25.01. The stock had a trading volume of 1,603,390 shares, compared to its average volume of 726,504. The stock has a market capitalization of $5.47 billion, a P/E ratio of 4.93 and a beta of 0.96. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.43 and a current ratio of 0.43. The firm’s fifty day simple moving average is $31.73 and its two-hundred day simple moving average is $37.81. EQM Midstream Partners LP has a 52 week low of $24.89 and a 52 week high of $51.15.

EQM Midstream Partners (NYSE:EQM) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.24. The company had revenue of $408.40 million for the quarter, compared to the consensus estimate of $408.98 million. EQM Midstream Partners had a return on equity of 18.31% and a net margin of 18.00%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 EPS. As a group, analysts expect that EQM Midstream Partners LP will post 4.76 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Friday, November 1st will be paid a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a dividend yield of 18.55%. The ex-dividend date of this dividend is Thursday, October 31st. EQM Midstream Partners’s dividend payout ratio (DPR) is currently 91.52%.

EQM has been the topic of a number of recent research reports. ValuEngine lowered EQM Midstream Partners from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Zacks Investment Research upgraded EQM Midstream Partners from a “sell” rating to a “hold” rating in a research report on Friday, October 25th. Barclays set a $40.00 price objective on EQM Midstream Partners and gave the company a “hold” rating in a research report on Tuesday, October 15th. Stifel Nicolaus set a $46.00 price objective on EQM Midstream Partners and gave the company a “hold” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada set a $42.00 price objective on EQM Midstream Partners and gave the company a “hold” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $47.18.

About EQM Midstream Partners

EQM Midstream Partners, LP owns, operates, acquires, and develops midstream assets in the Appalachian Basin. It operates through three segments: Gathering, Transmission, and Water. As of December 31, 2018, the company owned approximately 700 miles of high-pressure gathering lines and 1,500 miles of Federal Energy Regulatory Commission (FERC) regulated low-pressure gathering lines; approximately 950 miles of FERC regulated interstate pipelines; and approximately 160 miles of pipelines.

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Institutional Ownership by Quarter for EQM Midstream Partners (NYSE:EQM)

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