EQT Corp. (EQT) Downgraded to “Hold” at Zacks Investment Research
EQT Corp. (NYSE:EQT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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. “
Several other brokerages also recently commented on EQT. Stifel Nicolaus raised shares of EQT Corp. from a “hold” rating to a “buy” rating and set a $87.00 price objective for the company in a research note on Friday, August 26th. GMP Securities started coverage on shares of EQT Corp. in a research note on Wednesday, September 28th. They issued a “buy” rating and a $92.00 price objective for the company. Jefferies Group increased their price objective on shares of 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 objective on shares of EQT Corp. from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, July 29th. Finally, Wolfe Research started coverage on shares of EQT Corp. in a research note on Friday, October 7th. They issued a “buy” rating and a $85.00 price objective for the company. Twelve equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of C$77.50.
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EQT Corp. (NYSE:EQT) traded down 0.47% during midday trading on Tuesday, reaching $65.61. 1,454,040 shares of the company traded hands. The company has a 50 day moving average of $71.58 and a 200-day moving average of $71.92. EQT Corp. has a 12-month low of $47.10 and a 12-month high of $80.61. The stock’s market capitalization is $11.33 billion.
EQT Corp. (NYSE:EQT) last issued its quarterly earnings data on Thursday, July 28th. The company reported ($0.35) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.41) by $0.06. The business earned $127.53 million during 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 firm’s revenue was down 71.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) EPS. Equities analysts anticipate that EQT Corp. will post ($0.64) EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders 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 dividend yield of 0.18%. The ex-dividend date of this dividend is Tuesday, November 8th. EQT Corp.’s dividend payout ratio (DPR) is presently -5.66%.
Several large investors have recently bought and sold shares of EQT. CWM LLC purchased a new stake in EQT Corp. during the third quarter valued at $111,000. Mizuho Asset Management Co. Ltd. boosted its stake in EQT Corp. by 116.9% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,280 shares of the company’s stock valued at $177,000 after buying an additional 1,229 shares during the period. Euclid Advisors LLC purchased a new stake in EQT Corp. during the second quarter valued at $183,000. Independent Portfolio Consultants Inc. purchased a new stake in EQT Corp. during the third quarter valued at $182,000. Finally, Capital Guardian Trust Co. boosted its stake in EQT Corp. by 1,304.3% in the second quarter. Capital Guardian Trust Co. now owns 2,584 shares of the company’s stock valued at $200,000 after buying an additional 2,400 shares during the period. Institutional investors own 87.74% of the company’s stock.
EQT Corp. Company Profile
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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