U.S. markets open in 6 hours 22 minutes
  • S&P Futures

    3,839.50
    -3.00 (-0.08%)
     
  • Dow Futures

    30,776.00
    -66.00 (-0.21%)
     
  • Nasdaq Futures

    13,551.00
    +65.50 (+0.49%)
     
  • Russell 2000 Futures

    2,135.50
    -10.30 (-0.48%)
     
  • Crude Oil

    52.99
    +0.38 (+0.72%)
     
  • Gold

    1,849.10
    -1.80 (-0.10%)
     
  • Silver

    25.46
    -0.08 (-0.31%)
     
  • EUR/USD

    1.2158
    -0.0010 (-0.09%)
     
  • 10-Yr Bond

    1.0400
    0.0000 (0.00%)
     
  • Vix

    23.02
    -0.17 (-0.73%)
     
  • GBP/USD

    1.3740
    +0.0008 (+0.06%)
     
  • USD/JPY

    103.6700
    +0.0430 (+0.04%)
     
  • BTC-USD

    31,710.34
    +32.65 (+0.10%)
     
  • CMC Crypto 200

    636.42
    -3.50 (-0.55%)
     
  • FTSE 100

    6,654.01
    0.00 (0.00%)
     
  • Nikkei 225

    28,635.21
    +89.03 (+0.31%)
     

EQM Midstream Nears Mountain Valley Pipeline Completion

Zacks Equity Research
·3 min read

EQM Midstream Partners, LP’s EQM Mountain Valley Pipeline project work is around 92% complete. The 303-mile natural gas transmission line is now expected to come online by early 2021. The project has faced delays and cost adjustments due to additional regulatory reviews.

The pipeline is expected to meet the rising demand for natural gas in the mid-Atlantic and southeast regions of the country from Marcellus and Utica shale output. The project is waiting for the Biological Opinion and a green signal from the FERC. The project cost is expected to further rise 5% from its present estimate of $5.4 billion. Construction of the pipeline had started in February 2018, with original project cost estimation of $3.5 billion.

The long-delayed pipeline’s three compressor stations and three original certificated interconnects are fully complete. Notably, 80% of the pipeline is completed by EQM Midstream that incorporates 264 miles of pipe welding and other major completions. The interstate underground pipeline system connects northwestern West Virginia with southern Virginia.

EQM Midstream is the operator of the project with a 45.7% stake. It has NextEra Capital Holdings, Con Edison Transmission, WGL Midstream and RGC Midstream as partners in the project.

Price Performance

EQM Midstream’s units have gained 70.9% since the beginning of the second quarter compared with 38.1% rally of the industry it belongs to.

Zacks Rank & Key Picks

EQM Midstream currently has a Zacks Rank #3 (Hold). Some better-ranked players in the energy space include Chaparral Energy, Inc. CHAP, CNX Resources Corporation CNX and Concho Resources Inc. CXO, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Chaparral Energy’s bottom line for 2020 is expected to rise 57.8% year over year.

CNX Resources beat earnings estimates thrice and met once in the last four quarters, with average positive surprise of 111.5%.

Concho Resources has a positive earnings surprise of 4.9% in the last four reported quarters.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CNX Resources Corporation. (CNX) : Free Stock Analysis Report
 
Concho Resources Inc. (CXO) : Free Stock Analysis Report
 
EQT Midstream Partners, LP (EQM) : Free Stock Analysis Report
 
Chaparral Energy, Inc. (CHAP) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research