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Equitrans Midstream (NYSE:ETRN) +7.2% pre-market Friday after the U.S. Senate passed the debt ceiling bill, which also greenlights development of the Mountain Valley Pipeline in West Virginia.
The Senate last night rejected an amendment to the legislation that would have scrapped the provision related to the pipeline.
Equitrans’ (ETRN) stock has surged higher this week since the provision was included in the debt ceiling deal, up more than 80% off a May low.
Wolfe Research upgraded Equitrans (ETRN) to Outperform, saying the stock has further to run even after gaining nearly 50% this week.
Development of the $6.2B MVP project, which is 94% completed, is led by Equitrans (ETRN), with partners NextEra Energy (NEE), Consolidated Edison (ED), AltaGas (OTCPK:ATGFF) and RGC Resources (RGCO).
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