ETRN - Modest MLP/Midstream Estimate Revisions Contrast With Equity Performance
With the release of quarterly earnings from Equitrans Midstream (ETRN) and EQM Midstream (EQM) this morning, energy infrastructure's 1Q20 earnings season has all but come to a close, with only a few names left to report results. Guidance updates, along with management commentary, have helped paint a clearer picture of expectations for midstream cash flows in a challenging macroenvironment. As we discussed recently, analyst revisions to EBITDA forecasts have been modest for energy infrastructure companies when compared to the broader energy sector, reflecting the resiliency of their fee-based business model (