EQT Corp. (EQT) Downgraded by Zacks Investment Research
EQT Corp. (NYSE:EQT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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 resource potential in the region, along with an extensive drilling program, is likely to support production growth. Moreover, demand for natural gas will likely grow in the coming years backed by the fuel’s 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, thereby offsetting the positives. Additionally, the company’s capital budget relies heavily on future cash flows, which are subject to a number of variables. As such, we expect EQT shares performing in line with the broader market in the near future. “
A number of other research firms also recently weighed in on EQT. Stifel Nicolaus raised shares of EQT Corp. from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Friday, August 26th. GMP Securities initiated coverage on shares of EQT Corp. in a research report on Wednesday, September 28th. They issued a “buy” rating and a $92.00 target price on the stock. Jefferies Group upped their target price on shares of EQT Corp. from $74.00 to $77.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. Barclays PLC upped their target price on shares of EQT Corp. from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, July 29th. Finally, Wolfe Research initiated coverage on shares of EQT Corp. in a research report on Friday, October 7th. They issued a “buy” rating and a $85.00 target price on the stock. Twelve research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. EQT Corp. currently has an average rating of “Hold” and a consensus target price of C$77.50.
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Shares of EQT Corp. (NYSE:EQT) traded down 0.47% during mid-day trading on Tuesday, reaching $65.61. 1,454,040 shares of the company’s stock traded hands. EQT Corp. has a 12-month low of $47.10 and a 12-month high of $80.61. The firm’s 50 day moving average price is $71.58 and its 200-day moving average price is $71.92. The stock’s market cap is $11.33 billion.
EQT Corp. (NYSE:EQT) last released 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. The firm had revenue of $127.53 million for the quarter, compared to the consensus estimate of $461.53 million. EQT Corp. had a negative net margin of 18.74% and a negative return on equity of 1.27%. The company’s revenue was down 71.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) EPS. Equities research analysts forecast that EQT Corp. will post ($0.64) earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 11th will be paid 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 dividend payout ratio is currently -5.66%.
Institutional investors have recently bought and sold shares of the stock. Oakbrook Investments LLC boosted its position in EQT Corp. by 25.2% in the second quarter. Oakbrook Investments LLC now owns 11,415 shares of the company’s stock valued at $884,000 after buying an additional 2,300 shares in the last quarter. Artemis Investment Management LLP bought a new position in EQT Corp. during the second quarter valued at about $16,265,000. Legal & General Group Plc boosted its position in EQT Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 653,976 shares of the company’s stock valued at $43,984,000 after buying an additional 45,037 shares in the last quarter. Cleararc Capital Inc. bought a new position in EQT Corp. during the first quarter valued at about $263,000. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in EQT Corp. by 75.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 19,250 shares of the company’s stock valued at $1,491,000 after buying an additional 8,300 shares in the last quarter. Institutional investors and hedge funds 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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