EQT GP Holdings LP (EQGP) Upgraded to Buy by Zacks Investment Research
EQT GP Holdings LP (NYSE:EQGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $28.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.90% from the company’s previous close.
According to Zacks, “EQT GP Holdings, LP is a limited partnership which is engaged in owning, operating, acquiring and developing midstream assets primarily in the Appalachian Basin through its subsidiaries. EQT GP Holdings, LP is based in Pittsburgh, Pennsylvania. “
Separately, Wolfe Research began coverage on shares of EQT GP Holdings in a report on Friday, October 7th. They issued an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $28.44.
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EQT GP Holdings (NYSE:EQGP) traded down 1.23% during trading on Monday, hitting $24.80. The stock had a trading volume of 110,935 shares. The firm has a 50 day moving average of $25.29 and a 200-day moving average of $25.30. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of 35.68 and a beta of 1.30. EQT GP Holdings has a 12 month low of $17.39 and a 12 month high of $27.74.
EQT GP Holdings (NYSE:EQGP) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. EQT GP Holdings had a net margin of 27.71% and a return on equity of 11.98%. The business had revenue of $172 million for the quarter, compared to analyst estimates of $171.03 million. During the same period in the previous year, the company earned $1.12 earnings per share. The business’s revenue for the quarter was up 18.9% on a year-over-year basis. Equities analysts predict that EQT GP Holdings will post $0.75 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of EQGP. Spirit of America Management Corp NY increased its position in shares of EQT GP Holdings by 167.8% in the third quarter. Spirit of America Management Corp NY now owns 67,189 shares of the company’s stock worth $1,684,000 after buying an additional 42,100 shares during the period. Duff & Phelps Investment Management Co. increased its position in shares of EQT GP Holdings by 18.8% in the third quarter. Duff & Phelps Investment Management Co. now owns 379,000 shares of the company’s stock worth $9,502,000 after buying an additional 60,000 shares during the period. SL Advisors LLC purchased a new position in shares of EQT GP Holdings during the second quarter worth $1,308,000. Cypress Wealth Advisors LLC increased its position in shares of EQT GP Holdings by 8.2% in the second quarter. Cypress Wealth Advisors LLC now owns 16,150 shares of the company’s stock worth $412,000 after buying an additional 1,225 shares during the period. Finally, Silvercrest Asset Management Group LLC increased its position in shares of EQT GP Holdings by 7.9% in the second quarter. Silvercrest Asset Management Group LLC now owns 320,959 shares of the company’s stock worth $8,182,000 after buying an additional 23,628 shares during the period. Institutional investors own 10.12% of the company’s stock.
About EQT GP Holdings
EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company is formed to own EQT Corporation’s (EQT’s) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin.
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