Equitrans Midstream Corp (ETRN)
Equitrans Midstream Corporation owns, operates, acquires and develops natural gas collection, transmission and storage assets and water services in the Appalachian Basin. The company is headquartered in Canonsburg, Pennsylvania.
Stock Price Trends
Stock price trends estimated using linear regression.
Key facts
- The primary trend is increasing.
- The growth rate of the primary trend is 89.99% per annum.
- ETRN price at the close of July 22, 2024 was $12.42 and was inside the primary price channel.
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 64.75% per annum.
- ETRN price at the close of July 22, 2024 was inside the secondary price channel.
- The direction of the secondary trend is opposite to the direction of the primary trend. This indicates a possible reversal in the direction of the primary trend.
Linear Regression Model
Model equation:
Yi = α + β × Xi + εi
Top border of price channel:
Exp(Yi) = Exp(a + b × Xi + 2 × s)
Bottom border of price channel:
Exp(Yi) = Exp(a + b × Xi – 2 × s)
where:
i - observation number
Yi - natural logarithm of ETRN price
Xi - time index, 1 day interval
σ - standard deviation of εi
a - estimator of α
b - estimator of β
s - estimator of σ
Exp() - calculates the exponent of e
Primary Trend
Start date: December 16, 2022
End date: July 22, 2024
a = -0.5290
b = 0.0018
s = 0.1446
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × 0.0018) – 1
= 89.99%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.1446) – 1
= 78.31%
December 16, 2022 calculations
Top border of price channel:
Exp(Y855)
= Exp(a + b × X855 + 2 × s)
= Exp(a + b × 1,236 + 2 × s)
= Exp(-0.5290 + 0.0018 × 1,236 + 2 × 0.1446)
= Exp(1.9334)
= $6.91
Bottom border of price channel:
Exp(Y855)
= Exp(a + b × X855 – 2 × s)
= Exp(a + b × 1,236 – 2 × s)
= Exp(-0.5290 + 0.0018 × 1,236 – 2 × 0.1446)
= Exp(1.3551)
= $3.88
July 22, 2024 calculations
Top border of price channel:
Exp(Y1,253)
= Exp(a + b × X1,253 + 2 × s)
= Exp(a + b × 1,820 + 2 × s)
= Exp(-0.5290 + 0.0018 × 1,820 + 2 × 0.1446)
= Exp(2.9603)
= $19.30
Bottom border of price channel:
Exp(Y1,253)
= Exp(a + b × X1,253 – 2 × s)
= Exp(a + b × 1,820 – 2 × s)
= Exp(-0.5290 + 0.0018 × 1,820 – 2 × 0.1446)
= Exp(2.3820)
= $10.83
Description
- The primary trend is increasing.
- The growth rate of the primary trend is 89.99% per annum.
- ETRN price at the close of July 22, 2024 was $12.42 and was inside the primary price channel.
Secondary Trend
Start date: May 28, 2024
End date: July 22, 2024
a = 7.7111
b = -0.0029
s = 0.0166
Annual growth rate:
Exp(365 × b) – 1
= Exp(365 × -0.0029) – 1
= -64.75%
Price channel spread:
Exp(4 × s) – 1
= Exp(4 × 0.0166) – 1
= 6.87%
May 28, 2024 calculations
Top border of price channel:
Exp(Y1,216)
= Exp(a + b × X1,216 + 2 × s)
= Exp(a + b × 1,765 + 2 × s)
= Exp(7.7111 + -0.0029 × 1,765 + 2 × 0.0166)
= Exp(2.7023)
= $14.91
Bottom border of price channel:
Exp(Y1,216)
= Exp(a + b × X1,216 – 2 × s)
= Exp(a + b × 1,765 – 2 × s)
= Exp(7.7111 + -0.0029 × 1,765 – 2 × 0.0166)
= Exp(2.6358)
= $13.95
July 22, 2024 calculations
Top border of price channel:
Exp(Y1,253)
= Exp(a + b × X1,253 + 2 × s)
= Exp(a + b × 1,820 + 2 × s)
= Exp(7.7111 + -0.0029 × 1,820 + 2 × 0.0166)
= Exp(2.5451)
= $12.74
Bottom border of price channel:
Exp(Y1,253)
= Exp(a + b × X1,253 – 2 × s)
= Exp(a + b × 1,820 – 2 × s)
= Exp(7.7111 + -0.0029 × 1,820 – 2 × 0.0166)
= Exp(2.4787)
= $11.93
Description
- The secondary trend is decreasing.
- The decline rate of the secondary trend is 64.75% per annum.
- ETRN price at the close of July 22, 2024 was inside the secondary price channel.