Zacks Downgrades EQT to Neutral (EQT)
EQT (NYSE:EQT) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Wednesday. They currently have a $128.00 target price on the stock. Zacks‘s price target points to a potential upside of 19.90% from the company’s current price.
Zacks’ analyst wrote, “EQT Corporation posted stellar first quarter 2014 results, buoyed by higher production volumes, gathering & processing volumes and prices. The company expects to increase its natural gas production by 24% in 2014. We believe that EQT will gain significant traction going forward, based on improving industry swings, high productivity gains, and accelerated exploration and production growth. We appreciate the company’s focus on the development of the Marcellus shale to enhance capital efficiency. The low cost producer should perform better than other industry players, so we have upgraded our rating to Outperform from Neutral.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Maxim Group raised their price target on shares of EQT from $125.00 to $135.00 in a research note on Monday, June 23rd. They now have a “buy” rating on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of EQT from $115.00 to $117.00 in a research note on Thursday, May 1st. They now have a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $116.78.
EQT (NYSE:EQT) traded down 0.22% during mid-day trading on Wednesday, hitting $106.53. The stock had a trading volume of 592,991 shares. EQT has a 1-year low of $78.57 and a 1-year high of $111.47. The stock’s 50-day moving average is $105. and its 200-day moving average is $99.67. The company has a market cap of $16.166 billion and a P/E ratio of 33.63.
EQT (NYSE:EQT) last announced its earnings results on Thursday, April 24th. The company reported $1.35 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.86 by $0.49. The company had revenue of $661.63 million for the quarter, compared to the consensus estimate of $563.06 million. During the same quarter in the prior year, the company posted $0.66 earnings per share. The company’s quarterly revenue was up 59.1% on a year-over-year basis. On average, analysts predict that EQT will post $4.07 earnings per share for the current fiscal year.
EQT Corporation (NYSE:EQT) conducts its business through three business segments: EQT Production, EQT Midstream and Distribution.
To view Zacks’ full report, visit Zacks’ official website.
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