Zacks Investment Research upgraded shares of EQT Corp. (NYSE:EQT) from a hold rating to a buy rating in a research note issued to investors on Monday morning. The firm currently has $76.00 price target on the stock.
According to Zacks, “EQT Corp.’s solid operations in the face of commodity price pressure, is a reflection of the Appalachian pure play’s cost reduction efforts. Attractive Appalachian resource potential and an extensive drilling program are likely to support production growth. Moreover, demand for natural gas will likely grow in the coming years backed by its clean-burning nature. Hence, we expect EQT Corp. to significantly boost shareholder wealth as the company is primarily involved in the production and transportation of natural gas. However, natural gas prices are likely to remain volatile in the near-to-medium term and hence, we believe that the positives may be offset. Additionally, the company’s capital budget relies heavily on future cash flows, which are subject to a number of variables. As such, we see EQT shares performing in line with the broader market.”
Other equities research analysts also recently issued reports about the stock. Howard Weil downgraded shares of EQT Corp. from a sector outperform rating to a sector perform rating and dropped their price target for the stock from $91.00 to $90.00 in a research note on Thursday, August 11th. Tudor Pickering downgraded shares of EQT Corp. from a buy rating to a hold rating in a research note on Thursday, October 13th. KLR Group reissued a buy rating and set a $95.00 price target (down from $100.00) on shares of EQT Corp. in a research note on Monday, August 1st. Scotiabank downgraded shares of EQT Corp. from an outperform rating to a sector perform rating and dropped their price target for the stock from $91.00 to $90.00 in a research note on Thursday, August 11th. Finally, Citigroup Inc. boosted their price target on shares of EQT Corp. from $72.00 to $75.00 and gave the stock a neutral rating in a research note on Friday, July 29th. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of C$77.50.
Shares of EQT Corp. (NYSE:EQT) opened at 65.61 on Monday. The stock’s market cap is $11.33 billion. The firm has a 50-day moving average of $71.55 and a 200-day moving average of $71.96. EQT Corp. has a 52-week low of $47.10 and a 52-week high of $80.61.
EQT Corp. (NYSE:EQT) last announced its earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.06. EQT Corp. had a negative net margin of 18.74% and a negative return on equity of 1.27%. The company earned $127.53 million during the quarter, compared to the consensus estimate of $461.53 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. The company’s revenue was down 71.0% on a year-over-year basis. On average, equities analysts expect that EQT Corp. will post ($0.64) EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 11th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.12 annualized dividend and a dividend yield of 0.18%. EQT Corp.’s dividend payout ratio (DPR) is presently -5.66%.
Several large investors have recently added to or reduced their stakes in EQT. Fisher Asset Management LLC boosted its stake in EQT Corp. by 0.3% in the second quarter. Fisher Asset Management LLC now owns 3,258 shares of the company’s stock valued at $251,000 after buying an additional 10 shares during the period. First Manhattan Co. boosted its stake in EQT Corp. by 0.6% in the second quarter. First Manhattan Co. now owns 6,490 shares of the company’s stock valued at $502,000 after buying an additional 40 shares during the period. Raymond James Trust N.A. boosted its stake in EQT Corp. by 0.8% in the third quarter. Raymond James Trust N.A. now owns 9,494 shares of the company’s stock valued at $689,000 after buying an additional 72 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in EQT Corp. by 1.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 7,493 shares of the company’s stock valued at $504,000 after buying an additional 75 shares during the period. Finally, Wetherby Asset Management Inc. boosted its stake in EQT Corp. by 2.8% in the second quarter. Wetherby Asset Management Inc. now owns 3,092 shares of the company’s stock valued at $240,000 after buying an additional 84 shares during the period. 87.74% of the stock is currently owned by institutional investors.
EQT Corp. Company Profile
EQT Corporation (EQT) is an energy company. The Company operates through two business segments: EQT Production and EQT Midstream. EQT Production is a natural gas producer in the Appalachian Basin with over 10 trillion cubic feet equivalent (Tcfe) of natural gas, natural gas liquid (NGL) and crude oil reserves across approximately 3.4 million acres, including approximately 630,000 gross acres in the Marcellus play.
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