EQUITRANS MIDSTREAM Reports Second Quarter Earnings Results for FY 2023

🌥️Earnings Overview

EQUITRANS MIDSTREAM ($NYSE:ETRN) released their financial results on August 1 2023, for the second quarter of their financial year ending June 30 2023. Total revenue for the quarter decreased by 3.1%, to USD 318.5 million, compared to the same period a year ago. Net income also went down by 3.8%, amounting to USD 67.2 million.

Stock Price

EQUITRANS MIDSTREAM recently released its second quarter earnings results for the fiscal year 2023. On Tuesday, the stock opened at $10.2 and closed at $10.0, representing a decline of 3.6% from the previous closing price of 10.4. This decrease in share price might be attributed to the lower-than-expected earnings reported by the company. This was due to a decrease in volumes transported on its pipeline systems as well as a decrease in average transportation rates.

This decrease was mainly due to reduced transportation volumes and higher operating expenses. Despite the lower-than-expected earnings, EQUITRANS MIDSTREAM remains optimistic about its future prospects and intends to continue to invest in its infrastructure and expand its pipeline network in order to increase efficiency and accessibility. The company has also implemented cost-saving measures to ensure that operations remain profitable in the long run. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Equitrans Midstream. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Equitrans Midstream. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Equitrans Midstream. More…

Key Ratios Snapshot

Some of the financial key ratios for Equitrans Midstream are shown below. More…

Analysis

At GoodWhale, we recently conducted an in-depth analysis of EQUITRANS MIDSTREAM‘s wellbeing. Based on our Star Chart, we classified EQUITRANS MIDSTREAM as a ‘rhino’ – a type of company with moderate revenue or earnings growth. This implies that investors with moderate risk-taking appetites could be attracted to the company. We found that EQUITRANS MIDSTREAM is strong in dividend and weak in asset. Additionally, it is medium in terms of growth, profitability, and cashflows. Overall, it has an intermediate health score of 6/10 with regard to its debt. More…

Peers

The competition between Equitrans Midstream Corp and its competitors is fierce. Williams Companies Inc, EQT Corp, and Antero Midstream Corp are all major players in the industry, and each company is striving to be the best.

– Williams Companies Inc ($NYSE:WMB)

The Williams Companies, Inc. is an American energy company that engages in natural gas processing and transportation, as well as gathering and storing natural gas. The company operates through three segments: Williams Partners, Williams NGL, and Other. The Williams Partners segment provides natural gas transportation services to customers in the United States. The Williams NGL segment engages in the transportation, storage, fractionation, and marketing of natural gas liquids. The Other segment includes the company’s equity investments, and other activities. The Williams Companies was founded in 1908 and is headquartered in Tulsa, Oklahoma.

– EQT Corp ($NYSE:EQT)

EQT Corporation is a publicly traded natural gas company with a market capitalization of $13.99 billion as of 2022. The company has a return on equity of -5.33%. EQT Corporation is engaged in the exploration, development, and production of natural gas and oil in the United States. The company was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.

– Antero Midstream Corp ($NYSE:AM)

Antero Midstream Corporation is a publicly traded company with a market capitalization of $4.93 billion as of March 2022. The company focuses on the development and operation of midstream energy infrastructure assets in the Appalachian Basin. The company’s assets include natural gas gathering, natural gas processing, water handling and treatment, and crude oil gathering and logistics. Antero Midstream’s return on equity was 17.29% as of March 2022.

Summary

EQUITRANS MIDSTREAM reported their earnings results for the second quarter of their financial year ending June 30 2023, showing total revenues of USD 318.5 million, 3.1% lower than the same period a year prior, and net income of USD 67.2 million, 3.8% lower. Following the announcement, the stock price decreased on the same day, signaling investor concern over the reduced profitability. Investors may want to watch this stock in the near future, as any resurgence in the company’s performance could be a profitable opportunity.