EQT Corp. (EQT) Rating Increased to Buy at Zacks Investment Research
EQT Corp. (NYSE:EQT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $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.”
A number of other research firms have also recently weighed in on EQT. Howard Weil lowered their price target on EQT Corp. from $92.00 to $91.00 and set a “sector outperform” rating for the company in a report on Friday, July 29th. Jefferies Group increased their price target on EQT Corp. from $74.00 to $77.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Barclays PLC increased their price target on EQT Corp. from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, July 29th. Citigroup Inc. increased their target price on EQT Corp. from $72.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, July 29th. Finally, Wolfe Research began coverage on EQT Corp. in a research note on Friday, October 7th. They set a “buy” rating and a $85.00 target price on the stock. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of C$77.50.
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EQT Corp. (NYSE:EQT) traded down 2.37% during trading on Monday, reaching $65.86. The company’s stock had a trading volume of 1,170,347 shares. EQT Corp. has a 1-year low of $47.10 and a 1-year high of $80.61. The stock’s market capitalization is $11.38 billion. The stock has a 50 day moving average price of $71.91 and a 200 day moving average price of $71.90.
EQT Corp. (NYSE:EQT) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.06. The business earned $127.53 million during the quarter, compared to analysts’ expectations of $461.53 million. EQT Corp. had a negative return on equity of 1.27% and a negative net margin of 18.74%. The company’s revenue was down 71.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) EPS. Analysts anticipate that EQT Corp. will post ($0.64) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Friday, November 11th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.12 dividend on an annualized basis and a yield of 0.18%. EQT Corp.’s dividend payout ratio is presently -5.66%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EQT. National Pension Service increased its position in EQT Corp. by 9.3% in the third quarter. National Pension Service now owns 135,142 shares of the company’s stock worth $9,814,000 after buying an additional 11,516 shares in the last quarter. Hennessy Advisors Inc. increased its position in shares of 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. Gulf International Bank UK Ltd increased its position in shares of 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. Capstone Asset Management Co. increased its position in shares of EQT Corp. by 9.0% in the third quarter. Capstone Asset Management Co. now owns 14,464 shares of the company’s stock valued at $1,050,000 after buying an additional 1,200 shares during the period. Finally, Creative Planning increased its position in shares of EQT Corp. by 2.2% in the third quarter. Creative Planning now owns 4,930 shares of the company’s stock valued at $358,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 87.74% of the company’s stock.
About EQT Corp.
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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