5 Cheap Oil Stocks Under $10

2. Equitrans Midstream Corporation (NYSE:ETRN)

Number of Hedge Fund Holders: 28

Equitrans Midstream Corporation (NYSE:ETRN) is a midstream oil and gas company that gathers, transports, and stores the fuels. It has more than a thousand fuel lines and is based in Canonsburg, Pennsylvania, the United States.

Equitrans Midstream Corporation (NYSE:ETRN) is aiming to bring in $1.05 billion in operating income this year, after raising the guidance and providing investors with assurance in the aftermath of weak results for 2022’s first half. However, despite the stale performance, the firm focused on its balance sheet in H1 2022, and it managed to reduce its net debt to $6.734 billion.

Equitrans Midstream Corporation (NYSE:ETRN) also pays a 15 cent dividend for a 7.42% yield. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 28 had held a stake in the company.

Equitrans Midstream Corporation (NYSE:ETRN)’s largest investor is Stuart J. Zimmer’s Zimmer Partners which owns 21 million shares that are worth $139 million.

Steel City Capital mentioned the company in its Q2 2022 investor letter. Here is what the fund said:

The Partnership began acquiring shares in late June / early July when ETRN was trading around $6.00. As a general matter, I disdain using DCF for valuation purposes, as it’s a silly exercise that involves a lot of bullshit guessing about the future. But there are exceptions to every rule, and ETRN is one of them. This is a business that is fairly simple to model. Certain volumes are contractually set. Non-contractual volumes should continue flowing even in a depressed natural gas price environment (and today’s price environment is anything but weak). And prices for volumes are known variables (again, with a significant portion being contractually set.. (Click here to read more)”