EQT Corp. (NYSE:EQT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $76.00 target price 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.”
A number of other equities analysts also recently weighed in on EQT. KLR Group reaffirmed a “buy” rating and issued a $95.00 target price (down from $100.00) on shares of EQT Corp. in a research note on Monday, August 1st. Howard Weil dropped their target price on shares of EQT Corp. from $92.00 to $91.00 and set a “sector outperform” rating for the company in a research note on Friday, July 29th. Citigroup Inc. boosted their target price 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. Jefferies Group boosted their target price on shares of EQT Corp. from $74.00 to $77.00 and gave the stock a “hold” rating in a research note on Friday, July 29th. Finally, Barclays PLC boosted their target price on shares of EQT Corp. from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, July 29th. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of C$77.50.
Shares of EQT Corp. (NYSE:EQT) opened at 65.61 on Monday. EQT Corp. has a 12 month low of $47.10 and a 12 month high of $80.61. The stock’s market cap is $11.33 billion. The company has a 50 day moving average of $71.55 and a 200 day moving average of $71.96.
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. Equities research analysts expect that EQT Corp. will post ($0.64) earnings per share 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 the stock. MAI Capital Management boosted its stake in EQT Corp. by 145.1% in the third quarter. MAI Capital Management now owns 9,121 shares of the company’s stock valued at $662,000 after buying an additional 5,399 shares during the period. CWM LLC acquired a new stake in EQT Corp. during the third quarter valued at approximately $111,000. National Pension Service boosted its stake in EQT Corp. by 9.3% in the third quarter. National Pension Service now owns 135,142 shares of the company’s stock valued at $9,814,000 after buying an additional 11,516 shares during the period. Hennessy Advisors Inc. boosted its stake in EQT Corp. by 12.3% in the third quarter. Hennessy Advisors Inc. now owns 356,532 shares of the company’s stock valued at $25,891,000 after buying an additional 39,000 shares during the period. Finally, Gulf International Bank UK Ltd boosted its stake in EQT Corp. by 4.5% in the third quarter. Gulf International Bank UK Ltd now owns 53,260 shares of the company’s stock valued at $3,867,000 after buying an additional 2,300 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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