EQT GP (EQGP) Upgraded by J P Morgan Chase & Co to “Overweight”

EQT GP (NYSE:EQGP) was upgraded by investment analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage presently has a $31.00 price target on the oil and gas company’s stock. J P Morgan Chase & Co’s price objective would suggest a potential upside of 17.96% from the stock’s current price.

Several other brokerages have also recently issued reports on EQGP. Scotiabank reaffirmed a “hold” rating and issued a $32.00 target price on shares of EQT GP in a report on Wednesday, October 4th. Seaport Global Securities assumed coverage on shares of EQT GP in a research note on Tuesday, October 10th. They issued a “buy” rating and a $37.00 price target for the company. Royal Bank of Canada reiterated a “buy” rating and issued a $37.00 price target on shares of EQT GP in a research note on Tuesday, October 10th. Stifel Nicolaus reiterated a “hold” rating and issued a $28.00 price target on shares of EQT GP in a research note on Friday, September 1st. Finally, BidaskClub upgraded shares of EQT GP from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. EQT GP has a consensus rating of “Buy” and an average target price of $32.44.

Shares of EQT GP (EQGP) traded up $0.19 during trading on Thursday, reaching $26.28. 108,489 shares of the company’s stock traded hands, compared to its average volume of 103,256. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $6,885.69, a PE ratio of 27.52, a PEG ratio of 1.42 and a beta of 1.19. EQT GP has a twelve month low of $23.08 and a twelve month high of $31.76.

EQT GP (NYSE:EQGP) last issued its earnings results on Thursday, October 26th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. The business had revenue of $207.19 million during the quarter. EQT GP had a net margin of 30.98% and a return on equity of 12.14%. research analysts forecast that EQT GP will post 1.01 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in EQT GP by 0.9% during the second quarter. JPMorgan Chase & Co. now owns 4,675 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 40 shares during the period. The Manufacturers Life Insurance Company grew its position in EQT GP by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 8,032 shares of the oil and gas company’s stock valued at $242,000 after buying an additional 556 shares during the period. Bank of New York Mellon Corp purchased a new position in EQT GP during the third quarter valued at approximately $245,000. Keybank National Association OH purchased a new position in EQT GP during the third quarter valued at approximately $278,000. Finally, Citadel Advisors LLC purchased a new position in EQT GP during the second quarter valued at approximately $428,000. Institutional investors own 10.19% of the company’s stock.

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EQT GP Company Profile

EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was 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.

Analyst Recommendations for EQT GP (NYSE:EQGP)