Wolfe Research Cuts EQT (NYSE:EQT) Price Target to $61.00

EQT (NYSE:EQT) had its price target decreased by Wolfe Research from $70.00 to $61.00 in a research report released on Monday,MarketScreener reports. Wolfe Research currently has an outperform rating on the oil and gas producer’s stock.

Other equities analysts also recently issued reports about the stock. Scotiabank dropped their price objective on shares of EQT from $70.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, November 21st. Sanford C. Bernstein increased their target price on EQT from $72.00 to $73.00 and gave the company an “outperform” rating in a research report on Monday. BMO Capital Markets lifted their price target on EQT from $60.00 to $65.00 in a report on Tuesday, November 11th. UBS Group boosted their price target on EQT from $67.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Barclays dropped their price objective on EQT from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Nineteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, EQT presently has an average rating of “Moderate Buy” and a consensus price target of $64.65.

EQT Price Performance

EQT opened at $54.53 on Monday. The company has a market capitalization of $34.03 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 0.30 and a beta of 0.68. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.29. EQT has a 12-month low of $43.57 and a 12-month high of $62.23. The business’s fifty day simple moving average is $56.61 and its 200-day simple moving average is $54.68.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, October 21st. The oil and gas producer reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.78 billion. EQT had a net margin of 22.59% and a return on equity of 6.88%. The firm’s revenue for the quarter was up 52.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, equities research analysts anticipate that EQT will post 3.27 earnings per share for the current fiscal year.

EQT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Wednesday, November 5th were paid a dividend of $0.165 per share. The ex-dividend date was Wednesday, November 5th. This is a positive change from EQT’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s payout ratio is presently 22.60%.

Insider Activity

In related news, EVP J.E.B. Bolen sold 1,422 shares of the stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $52.79, for a total value of $75,067.38. Following the completion of the transaction, the executive vice president directly owned 69,486 shares of the company’s stock, valued at $3,668,165.94. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.65% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sound Shore Management Inc CT acquired a new stake in shares of EQT during the second quarter worth $67,539,000. Reaves W H & Co. Inc. raised its stake in EQT by 213.3% in the 3rd quarter. Reaves W H & Co. Inc. now owns 1,029,234 shares of the oil and gas producer’s stock worth $56,021,000 after acquiring an additional 700,732 shares during the last quarter. SG Americas Securities LLC lifted its position in EQT by 1,286.2% during the 2nd quarter. SG Americas Securities LLC now owns 735,936 shares of the oil and gas producer’s stock worth $42,920,000 after acquiring an additional 682,844 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in EQT by 25.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,525,776 shares of the oil and gas producer’s stock valued at $134,952,000 after purchasing an additional 506,970 shares during the last quarter. Finally, Yaupon Capital Management LP increased its holdings in shares of EQT by 102.7% in the first quarter. Yaupon Capital Management LP now owns 810,538 shares of the oil and gas producer’s stock valued at $43,307,000 after purchasing an additional 410,604 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

EQT Company Profile

EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.