ETRN - Why Equitrans Midstream Stock Is Surging Today
Shares of Equitrans Midstream (NYSE: ETRN) leaped more than 10% by 2:30 p.m. ET on Tuesday. Fueling the pipeline stock 's surge was its second-quarter report.
Equitrans Midstream reported strong Q2 results. The natural gas pipeline company produced $183.5 million of free cash flow, $118.6 million of which it retained after paying its dividend. That gave it funds to invest in capital projects and repay debt, and has the company closer to achieving its long-term leverage target of 4.0 times.
The pipeline company's strong showing enabled it to increase its 2022 financial guidance. It now expects to generate $300 million to $370 million of free cash flow, $40 million to $110 million of which it will retain. Meanwhile, it sees capital spending in the range of $540 million to $620 million. Equitrans also secured a new expansion project. It expects to invest $70 million in the 2023 to 2024 time frame to install new compression to support a customer.
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Why Equitrans Midstream Stock Is Surging Today