Why Equitrans Midstream (ETRN) Stock Is Exploding Higher

Equitrans Midstream Corp ETRN shares are trading higher by 37.3% to $8.35 Tuesday morning. Shares are experiencing marked strength during Tuesday's session after RBC Capital upgraded the stock from Sector Perform to Outperform and raised its price target from $7 to $10.

The upgrade comes after Democratic Senator Joe Manchin included a provision in the debt-limit deal to expedite the construction of the Mountain Valley Pipeline, a multi-billion-dollar natural gas project facing environmental obstacles.

See Also: U.S. Stocks Soar On Debt Ceiling Deal

Per Bloomberg, this move comes after Manchin's year-long efforts to secure a separate agreement for the pipeline, which traverses his home state of West Virginia and was previously halted due to a federal court's rejection of a permit to cross a national forest.

Equitrans Midstream in part provides gathering, transmission and water services to primarily Appalachian producers in Pennsylvania, West Virginia and Ohio.

According to data from Benzinga Pro, ETRN has a 52-week high of $9.90 and a 52-week low of $4.60.