EQT Corp. (EQT) Upgraded 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 report issued on Monday. The firm presently 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 brokerages have also issued reports on EQT. Howard Weil decreased their price target on 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. Jefferies Group increased their price target on EQT Corp. from $74.00 to $77.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Barclays PLC increased their price target on EQT Corp. from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, July 29th. Citigroup Inc. increased their price objective on EQT Corp. from $72.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, July 29th. Finally, Wolfe Research began coverage on EQT Corp. in a research report on Friday, October 7th. They set a “buy” rating and a $85.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of C$77.50.
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Shares of EQT Corp. (NYSE:EQT) traded down 2.37% during midday trading on Monday, hitting $65.86. The stock had a trading volume of 1,171,502 shares. EQT Corp. has a 12-month low of $47.10 and a 12-month high of $80.61. The firm’s market cap is $11.38 billion. The company’s 50-day moving average price is $71.91 and its 200-day moving average price is $71.90.
EQT Corp. (NYSE:EQT) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.06. The firm earned $127.53 million during the quarter, compared to analyst estimates of $461.53 million. EQT Corp. had a negative return on equity of 1.27% and a negative net margin of 18.74%. The firm’s quarterly revenue was down 71.0% on a year-over-year basis. During the same period last year, the company posted ($0.06) EPS. Equities research analysts forecast that EQT Corp. will post ($0.64) EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 11th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.18%. The ex-dividend date is Tuesday, November 8th. EQT Corp.’s payout ratio is -5.66%.
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in EQT Corp. by 10.4% in the second quarter. Vanguard Group Inc. now owns 15,983,499 shares of the company’s stock valued at $1,237,603,000 after buying an additional 1,508,708 shares during the last quarter. State Street Corp increased its position in EQT Corp. by 3.5% in the second quarter. State Street Corp now owns 8,603,079 shares of the company’s stock valued at $666,134,000 after buying an additional 289,069 shares during the last quarter. Boston Partners increased its position in EQT Corp. by 89.9% in the second quarter. Boston Partners now owns 6,902,638 shares of the company’s stock valued at $534,471,000 after buying an additional 3,268,060 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in EQT Corp. by 9.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,420,994 shares of the company’s stock valued at $342,318,000 after buying an additional 367,474 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in EQT Corp. by 13.1% in the second quarter. BlackRock Fund Advisors now owns 3,089,591 shares of the company’s stock valued at $239,227,000 after buying an additional 358,172 shares during the last quarter. 87.74% of the stock is currently owned by hedge funds and other institutional investors.
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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