Royal Bank of Canada Lowers EQT GP (EQGP) to Sector Perform

EQT GP (NYSE:EQGP) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Monday, MarketBeat Ratings reports. They currently have a $32.00 target price on the oil and gas company’s stock, up from their previous target price of $29.00. Royal Bank of Canada’s price objective points to a potential upside of 24.56% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Bank of America initiated coverage on EQT GP in a report on Tuesday, January 9th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded EQT GP from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Monday, October 30th. Citigroup initiated coverage on EQT GP in a report on Tuesday, January 23rd. They issued a “hold” rating and a $32.00 target price on the stock. Credit Suisse Group initiated coverage on EQT GP in a report on Thursday, January 4th. They issued an “outperform” rating and a $32.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded EQT GP from a “neutral” rating to an “overweight” rating and set a $31.00 target price on the stock in a report on Thursday, December 14th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $31.60.

Shares of EQT GP (NYSE:EQGP) traded up $0.36 on Monday, hitting $25.69. The company had a trading volume of 198,821 shares, compared to its average volume of 128,946. EQT GP has a 12 month low of $24.18 and a 12 month high of $31.76. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.52. The company has a market cap of $6,740.00 and a PE ratio of 27.33.

A number of large investors have recently modified their holdings of the business. Chickasaw Capital Management LLC lifted its stake in EQT GP by 3.8% during the 4th quarter. Chickasaw Capital Management LLC now owns 3,313,307 shares of the oil and gas company’s stock valued at $89,128,000 after acquiring an additional 121,868 shares in the last quarter. Jennison Associates LLC lifted its stake in EQT GP by 8.0% during the 4th quarter. Jennison Associates LLC now owns 877,764 shares of the oil and gas company’s stock valued at $23,612,000 after acquiring an additional 65,310 shares in the last quarter. ING Groep NV lifted its stake in EQT GP by 82.0% during the 3rd quarter. ING Groep NV now owns 546,000 shares of the oil and gas company’s stock valued at $15,812,000 after acquiring an additional 246,000 shares in the last quarter. Duff & Phelps Investment Management Co. lifted its stake in EQT GP by 13.5% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 429,100 shares of the oil and gas company’s stock valued at $12,427,000 after acquiring an additional 51,000 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in EQT GP by 10.7% during the 3rd quarter. Wells Fargo & Company MN now owns 105,815 shares of the oil and gas company’s stock valued at $3,064,000 after acquiring an additional 10,250 shares in the last quarter. Institutional investors and hedge funds own 10.23% 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)

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