Groesbeck Investment Management Corp NJ Has $1.63 Million Stock Position in EQM Midstream Partners LP (NYSE:EQM)

Groesbeck Investment Management Corp NJ boosted its position in EQM Midstream Partners LP (NYSE:EQM) by 105.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,500 shares of the pipeline company’s stock after purchasing an additional 18,700 shares during the period. EQM Midstream Partners accounts for about 1.3% of Groesbeck Investment Management Corp NJ’s portfolio, making the stock its 26th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in EQM Midstream Partners were worth $1,631,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Advisory Services Network LLC boosted its position in shares of EQM Midstream Partners by 25.0% during the 1st quarter. Advisory Services Network LLC now owns 6,500 shares of the pipeline company’s stock valued at $300,000 after purchasing an additional 1,300 shares in the last quarter. Ballentine Partners LLC bought a new position in shares of EQM Midstream Partners in the first quarter valued at approximately $379,000. CIBC Private Wealth Group LLC lifted its holdings in shares of EQM Midstream Partners by 16.9% in the first quarter. CIBC Private Wealth Group LLC now owns 1,854,898 shares of the pipeline company’s stock valued at $85,641,000 after purchasing an additional 267,721 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of EQM Midstream Partners by 297.8% in the fourth quarter. Advisor Group Inc. now owns 3,103 shares of the pipeline company’s stock valued at $135,000 after purchasing an additional 2,323 shares in the last quarter. Finally, Miller Howard Investments Inc. NY lifted its holdings in shares of EQM Midstream Partners by 1.1% in the first quarter. Miller Howard Investments Inc. NY now owns 447,839 shares of the pipeline company’s stock valued at $20,677,000 after purchasing an additional 4,969 shares in the last quarter. 38.04% of the stock is owned by institutional investors.

A number of analysts recently commented on EQM shares. Credit Suisse Group decreased their price target on EQM Midstream Partners from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. UBS Group started coverage on EQM Midstream Partners in a research report on Tuesday. They set a “neutral” rating and a $36.00 price target for the company. Zacks Investment Research downgraded EQM Midstream Partners from a “buy” rating to a “hold” rating in a research report on Friday. Citigroup set a $52.00 price target on EQM Midstream Partners and gave the company a “buy” rating in a research report on Monday, April 22nd. Finally, Royal Bank of Canada set a $42.00 price target on EQM Midstream Partners and gave the company a “hold” rating in a research report on Wednesday, July 31st. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. EQM Midstream Partners currently has a consensus rating of “Hold” and a consensus target price of $47.92.

Shares of EQM Midstream Partners stock traded down $1.10 during trading hours on Tuesday, reaching $33.86. The company had a trading volume of 25,780 shares, compared to its average volume of 693,172. EQM Midstream Partners LP has a one year low of $34.46 and a one year high of $58.00. The business has a fifty day moving average price of $42.16. 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 company has a market cap of $7.59 billion, a price-to-earnings ratio of 6.67 and a beta of 0.97.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 13th. Investors of record on Friday, August 2nd will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 13.70%. The ex-dividend date of this dividend is Thursday, August 1st. EQM Midstream Partners’s dividend payout ratio is 91.52%.

EQM Midstream Partners Company Profile

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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