ETRN - Why Equitrans Midstream Stock Is Skyrocketing Today
2023-05-30 11:18:11 ET
Shares of Equitrans Midstream (NYSE: ETRN) are soaring in Tuesday's trading. The energy company's share price was up roughly 37.9% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence .
U.S. Democrats and Republicans have hammered out an initial deal to raise the debt ceiling, and it's arrived with provisions that stand to be a major bullish catalyst for Equitrans Midstream. As per the text of the proposed debt ceiling bill, necessary permits to complete the Mountain Valley Pipeline (MVP) would be approved -- opening the door for the company to have a substantial new revenue source. Following the news, Equitrans stock got a major price-target hike from RBC Capital.
RBC published a note early this morning upgrading its rating on Equitrans Midstream stock from sector perform to outperform and raising its one-year price target on the stock from $7 per share to $10 per share. Following the pending debt ceiling bill, the investment firm expects that the market will assign a higher probability of the Mountain Valley Pipeline being online by 2024 and this will boost performance for the company.
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Why Equitrans Midstream Stock Is Skyrocketing Today