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Equitrans Midstream

DB:37W
Snowflake Description

Reasonable growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
37W
DB
$1B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • Equitrans Midstream has significant price volatility in the past 3 months.
37W Share Price and Events
7 Day Returns
20.8%
DB:37W
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
-72.6%
DB:37W
34.4%
DE Oil and Gas
-14.2%
DE Market
37W Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Equitrans Midstream (37W) 20.8% -2.9% -54% -72.6% - -
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • 37W underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • 37W underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

37W Value

 Is Equitrans Midstream undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Equitrans Midstream to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Equitrans Midstream.

DB:37W Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:37W
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.948 (1 + (1- 21%) (489.33%))
3.42
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (2 * 5.44%)
10.49%

Discounted Cash Flow Calculation for DB:37W using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Equitrans Midstream is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:37W DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.49%)
2020 -922.50 Analyst x2 -834.92
2021 492.67 Analyst x3 403.56
2022 525.00 Analyst x2 389.22
2023 751.00 Analyst x2 503.90
2024 527.00 Analyst x1 320.03
2025 407.67 Est @ -22.64% 224.06
2026 342.57 Est @ -15.97% 170.41
2027 303.88 Est @ -11.29% 136.81
2028 279.50 Est @ -8.02% 113.89
2029 263.47 Est @ -5.73% 97.16
Present value of next 10 years cash flows $1,524.00
DB:37W DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $263.47 × (1 + -0.39%) ÷ (10.49% – -0.39%)
$2,412.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,412.20 ÷ (1 + 10.49%)10
$889.58
DB:37W Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,524.00 + $889.58
$2,413.58
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,413.58 / 229.69
$10.51
DB:37W Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:37W represents 0.89631x of NYSE:ETRN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89631x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 10.51 x 0.89631
€9.42
Value per share (EUR) From above. €9.42
Current discount Discount to share price of €5.10
= -1 x (€5.10 - €9.42) / €9.42
45.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Equitrans Midstream is available for.
Intrinsic value
46%
Share price is €5.1 vs Future cash flow value of €9.42
Current Discount Checks
For Equitrans Midstream to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Equitrans Midstream's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Equitrans Midstream's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Equitrans Midstream's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Equitrans Midstream's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:37W PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $-0.80
NYSE:ETRN Share Price ** NYSE (2020-04-07) in USD $5.69
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Equitrans Midstream.

DB:37W PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ETRN Share Price ÷ EPS (both in USD)

= 5.69 ÷ -0.80

-7.12x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equitrans Midstream is loss making, we can't compare its value to the Europe Oil and Gas industry average.
  • Equitrans Midstream is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Equitrans Midstream's expected growth come at a high price?
Raw Data
DB:37W PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
46.5%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Equitrans Midstream, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Equitrans Midstream's assets?
Raw Data
DB:37W PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $2.64
NYSE:ETRN Share Price * NYSE (2020-04-07) in USD $5.69
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:37W PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ETRN Share Price ÷ Book Value per Share (both in USD)

= 5.69 ÷ 2.64

2.15x

* Primary Listing of Equitrans Midstream.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Equitrans Midstream is overvalued based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Equitrans Midstream's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Equitrans Midstream has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

37W Future Performance

 How is Equitrans Midstream expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
46.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Equitrans Midstream expected to grow at an attractive rate?
  • Equitrans Midstream's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Equitrans Midstream's earnings growth is expected to exceed the Germany market average.
  • Equitrans Midstream's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:37W Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:37W Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 46.5%
DB:37W Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 3.3%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:37W Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:37W Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 1,878 1
2023-12-31 1,838 1,400 490 1
2022-12-31 1,695 1,150 606 3
2021-12-31 1,609 1,072 629 5
2020-12-31 1,426 1,040 361 6
2020-04-08
DB:37W Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,630 976 -204
2019-09-30 1,589 711 17
2019-06-30 1,545 695 165
2019-03-31 1,514 549 192
2018-12-31 1,495 722 218
2018-09-30 1,403 891 139
2018-06-30 1,244 799 90
2018-03-31 1,068 804 22
2017-12-31 896 670 -27

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Equitrans Midstream's earnings are expected to grow significantly at over 20% yearly.
  • Equitrans Midstream's revenue is expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:37W Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Equitrans Midstream Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:37W Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31 1.14 1.14 1.14 1.00
2022-12-31 1.50 1.77 1.05 3.00
2021-12-31 1.46 1.75 1.00 4.00
2020-12-31 0.95 1.45 0.53 4.00
2020-04-08
DB:37W Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 -0.80
2019-09-30 0.07
2019-06-30 0.65
2019-03-31 0.75
2018-12-31 0.86
2018-09-30 0.55
2018-06-30 0.35
2018-03-31 0.09
2017-12-31 -0.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Equitrans Midstream is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Equitrans Midstream's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Equitrans Midstream has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

37W Past Performance

  How has Equitrans Midstream performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Equitrans Midstream's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Equitrans Midstream does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Equitrans Midstream's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Equitrans Midstream's 1-year growth to the Europe Oil and Gas industry average as it is not currently profitable.
Earnings and Revenue History
Equitrans Midstream's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Equitrans Midstream Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:37W Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,630.24 -203.74 112.92
2019-09-30 1,589.17 16.77 116.97
2019-06-30 1,545.32 165.42 120.20
2019-03-31 1,513.85 191.97 121.23
2018-12-31 1,495.10 218.40 123.81
2018-09-30 1,402.69 139.50 108.88
2018-06-30 1,244.39 90.01 100.80
2018-03-31 1,068.14 22.26 90.05
2017-12-31 895.56 -27.16 80.34
2016-12-31 732.27 65.15 75.51
2015-12-31 632.94 174.30 63.66

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Equitrans Midstream has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Equitrans Midstream used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • It is difficult to establish if Equitrans Midstream improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Equitrans Midstream's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Equitrans Midstream has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

37W Health

 How is Equitrans Midstream's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Equitrans Midstream's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Equitrans Midstream is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Equitrans Midstream's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Equitrans Midstream's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Equitrans Midstream Company Filings, last reported 3 months ago.

DB:37W Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 5,282.08 6,330.48 88.32
2019-09-30 5,941.25 5,984.10 153.76
2019-06-30 6,245.18 5,400.12 25.50
2019-03-31 4,677.05 5,121.18 29.05
2018-12-31 5,259.63 4,666.24 294.17
2018-09-30 5,475.42 3,477.30 184.10
2018-06-30 6,408.59 3,713.98 1,847.43
2018-03-31 6,238.76 1,453.35 121.00
2017-12-31 6,238.76 1,453.35 121.00
2016-12-31 3,192.67 985.73 966.27
2015-12-31
  • Equitrans Midstream's level of debt (119.8%) compared to net worth is high (greater than 40%).
  • Unable to establish if Equitrans Midstream's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (15.4%, less than 20% of total debt).
  • Equitrans Midstream is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Equitrans Midstream's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Equitrans Midstream has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

37W Dividends

 What is Equitrans Midstream's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
31.63%
Current annual income from Equitrans Midstream dividends. Estimated to be 10.77% next year.
If you bought €2,000 of Equitrans Midstream shares you are expected to receive €633 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Equitrans Midstream's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Equitrans Midstream's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:37W Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:37W Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 0.62 2.00
2023-12-31 0.60 3.00
2022-12-31 0.60 5.00
2021-12-31 0.60 8.00
2020-12-31 0.64 8.00
2020-04-08
DB:37W Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-27 1.800 33.954
2019-11-05 1.800 16.779
2019-07-30 1.800 12.805
2019-04-24 1.800 9.090
2019-02-05 1.640 8.165

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Equitrans Midstream has stable dividend payments.
  • Equitrans Midstream only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Equitrans Midstream's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.9x coverage).
X
Income/ dividend checks
We assess Equitrans Midstream's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Equitrans Midstream afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Equitrans Midstream has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

37W Management

 What is the CEO of Equitrans Midstream's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Karam
COMPENSATION $3,685,479
AGE 60
TENURE AS CEO 1.6 years
CEO Bio

Mr. Thomas F. Karam is also known as Tom, is Chairman of the EQM Midstream Services, LLC, General Partner of EQM Midstream Partners, LP since October 2018. Mr. Karam is Senior Vice President and President of Midstream since August 7, 2018. He has been Chairman of EQM Midstream Services, LLC since July 2019. He serves as the President and Chief Executive Officer at Equitrans Midstream Corporation since September, 2018 and its Director since November 12, 2018. He has been the Chairman at Equitrans Midstream Corporation since July 10, 2019. He has been President, Chief Executive Director and Director of EQGP Services LLC, General Partner of EQGP Holdings, LP since August 8, 2018. He served as Senior Vice President, President of Midstream & Director at EQT Corporation since August 7, 2018 until November 12, 2018. He served as the Chairman and Chief Executive Officer of Penntex Midstream GP LLC, General Partner of PennTex Midstream Partners, LP from August 2014 to November 1, 2016. Mr. Karam served as the Chairman and Chief Executive Officer of Laser Northeast Gathering LLC. Mr. Karam served as the President and Chief Executive Officer of Delphi Midstream Partners, LLC. He served as the Chief Executive Officer of Panhandle Eastern Pipe Line Co LP. He served as the President and Chief Executive Officer of Pennsylvania Enterprises Inc. from 1996 to 1999 and served as its Executive Vice President from September 1995 to August 1996 when it was acquired by Southern Union Co. He served as the Consultant at Southern Union Co. Mr. Karam served as Unit President of American Gas Association. He served as the President and Chief Operating Officer of Southern Union Co. From November 1999 to April 2001, he served as an Executive Vice President of Corporate Development of Southern Union Co., and the President and Chief Executive Officer of PG Energy, its Division. He began his professional career in investment banking where he spent a number of years with Legg Mason Inc. and Thomson McKinnon. Mr. Karam developed a strong background in utility finance and investment banking as Vice President of Investment Banking of Legg Mason Inc., in Baltimore and prior to that at Thomson McKinnon, in New York. He served as an Independent Director of Williams Partners GP LLC since May 24, 2012 to January 2014. He serves as a Director of the Energy Association of Pennsylvania and Team Pennsylvania. He serves on the Board of Directors of the Boys and Girls Club of Northeastern Pennsylvania and The Commonwealth Medical Education Corporation. Mr. Karam served as a Member of the Board of Managers at Panhandle Eastern Pipe Line Company LLC since June 2003. He served as a Director of Advent Networks Inc., since December 2002. He served as a Director of Southern Union Co. since November 1999. Mr. Karam served as a Director of Pennsylvania Enterprises Inc., CrossCountry Energy, LLC, American Gas Association and its principal subsidiary, PG Energy Inc. He also served on the Executive Committee of the Board of Directors of Team Pennsylvania. He serves as a Trustee of the University of Scranton. Mr. Karam received a Bachelor of Science degree from the University of Scranton.

CEO Compensation
  • Insufficient data for Tom to compare compensation growth.
  • Tom's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Equitrans Midstream management team in years:

1
Average Tenure
60
Average Age
  • The average tenure for the Equitrans Midstream management team is less than 2 years, this suggests a new team.
Management Team

Tom Karam

TITLE
Chairman & CEO
COMPENSATION
$4M
AGE
60
TENURE
1.6 yrs

Diana Charletta

TITLE
President & COO
COMPENSATION
$1M
AGE
46
TENURE
0.8 yrs

Kirk Oliver

TITLE
Senior VP & CFO
COMPENSATION
$570K
AGE
61
TENURE
1.6 yrs

Brian Pietrandrea

TITLE
VP & Chief Accounting Officer
AGE
44
TENURE
0.7 yrs

Nate Tetlow

TITLE
Vice President of Corporate Development & Investor Relations

Steve Moore

TITLE
Senior VP & General Counsel
AGE
60
TENURE
1 yrs

Natalie Cox

TITLE
Director of Corporate Communications

Bob Cooper

TITLE
Senior Vice President of Construction Services

Justin Macken

TITLE
Senior Vice President of Gas Systems

Tobin Nelson

TITLE
Deputy General Counsel & Corporate Secretary
Board of Directors Tenure

Average tenure and age of the Equitrans Midstream board of directors in years:

1.4
Average Tenure
60
Average Age
  • The average tenure for the Equitrans Midstream board of directors is less than 3 years, this suggests a new board.
Board of Directors

Vicky Bailey

TITLE
Independent Director
COMPENSATION
$358K
AGE
67
TENURE
1.4 yrs

Tom Karam

TITLE
Chairman & CEO
COMPENSATION
$4M
AGE
60
TENURE
0.8 yrs

Ken Burke

TITLE
Independent Director
COMPENSATION
$431K
AGE
69
TENURE
1.4 yrs

Margaret Dorman

TITLE
Independent Director
COMPENSATION
$342K
AGE
55
TENURE
1.4 yrs

Robert Vagt

TITLE
Lead Independent Director
COMPENSATION
$603K
AGE
72
TENURE
1.4 yrs

Norm Szydlowski

TITLE
Independent Director
COMPENSATION
$353K
AGE
66
TENURE
1.4 yrs

Sarah Barpoulis

TITLE
Independent Director
AGE
54
TENURE
0.2 yrs

D. Leland

TITLE
Independent Director
AGE
57
TENURE
0.3 yrs

Patricia Collawn

TITLE
Independent Director
AGE
60
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Equitrans Midstream individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
16. Mar 20 Buy Kenneth Burke Individual 12. Mar 20 12. Mar 20 20,000 €4.04 €80,791
04. Mar 20 Buy Thomas Karam Individual 04. Mar 20 04. Mar 20 75,000 €5.84 €437,873
04. Mar 20 Buy Diana Charletta Individual 04. Mar 20 04. Mar 20 35,000 €5.87 €205,598
08. Nov 19 Buy Margaret Dorman Individual 07. Nov 19 07. Nov 19 7,000 €11.09 €77,638
05. Aug 19 Buy Kirk Oliver Individual 01. Aug 19 05. Aug 19 13,700 €14.65 €197,184
02. Aug 19 Buy Thomas Karam Individual 02. Aug 19 02. Aug 19 100,000 €14.76 €1,475,592
01. Aug 19 Buy Thomas Karam Individual 01. Aug 19 01. Aug 19 100,000 €14.56 €1,456,022
01. Aug 19 Buy Margaret Dorman Individual 01. Aug 19 01. Aug 19 7,750 €14.56 €112,842
09. May 19 Sell David Porges Individual 07. May 19 08. May 19 -4,866 €18.38 €-89,425
X
Management checks
We assess Equitrans Midstream's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Equitrans Midstream has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

37W News

Simply Wall St News

37W Company Info

Description

Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering, Transmission, and Water. The Gathering System segment include 990 miles of high-pressure gathering lines with compression of approximately 445,000 horsepower and multiple interconnect points; and approximately 920 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines. Its Transmission and Storage System segment comprises 950 miles of FERC regulated interstate pipeline that connects to seven interstate pipelines and local distribution companies. The Water System segment include two independent systems comprised approximately 180 miles of pipeline that deliver fresh water from the Monongahela River, the Ohio River, local reservoirs, and various regional waterways. Equitrans Midstream Corporation was founded in 2018 and is headquartered in Canonsburg, Pennsylvania.

Details
Name: Equitrans Midstream Corporation
37W
Exchange: DB
Founded: 2018
$1,200,027,269
229,689,721
Website: http://www.equitransmidstream.com
Address: Equitrans Midstream Corporation
2200 Energy Drive,
Canonsburg,
Pennsylvania, 15317-0269,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ETRN Common Stock New York Stock Exchange US USD 31. Oct 2018
DB 37W Common Stock Deutsche Boerse AG DE EUR 31. Oct 2018
Number of employees
Current staff
Staff numbers
800
Equitrans Midstream employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 07:03
End of day share price update: 2020/04/07 00:00
Last estimates confirmation: 2020/04/04
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.