Zacks Investment Research upgraded shares of EQT GP Holdings LP (NYSE:EQGP) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $27.00 price objective on the stock.
According to Zacks, “EQT GP Holdings, LP is a limited partnership which is engaged in owning, operating, acquiring and developing midstream assets primarily in the Appalachian Basin through its subsidiaries. EQT GP Holdings, LP is based in Pittsburgh, Pennsylvania. “
Separately, Wolfe Research assumed coverage on EQT GP Holdings in a report on Friday, October 7th. They issued an outperform rating on the stock. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $27.25.
Shares of EQT GP Holdings (NYSE:EQGP) opened at 24.90 on Tuesday. The stock’s 50 day moving average price is $24.10 and its 200 day moving average price is $25.05. EQT GP Holdings has a one year low of $17.39 and a one year high of $27.74. The stock has a market capitalization of $6.63 billion, a PE ratio of 33.16 and a beta of 1.33.
EQT GP Holdings (NYSE:EQGP) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The business had revenue of $170.80 million for the quarter, compared to analyst estimates of $144.61 million. EQT GP Holdings had a return on equity of 11.41% and a net margin of 29.00%. The company’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 earnings per share. Equities research analysts predict that EQT GP Holdings will post $0.78 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Shareholders of record on Friday, November 4th were issued a $0.165 dividend. This is a positive change from EQT GP Holdings’s previous quarterly dividend of $0.15. This represents a $0.66 annualized dividend and a yield of 2.65%. The ex-dividend date was Wednesday, November 2nd. EQT GP Holdings’s dividend payout ratio (DPR) is presently 88.00%.
A number of hedge funds have recently modified their holdings of EQGP. Signaturefd LLC raised its stake in shares of EQT GP Holdings by 3.1% in the second quarter. Signaturefd LLC now owns 6,725 shares of the company’s stock valued at $171,000 after buying an additional 200 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of EQT GP Holdings during the third quarter valued at approximately $189,000. Alps Advisors Inc. acquired a new stake in shares of EQT GP Holdings during the second quarter valued at approximately $239,000. Avalon Advisors LLC acquired a new stake in shares of EQT GP Holdings during the first quarter valued at approximately $253,000. Finally, Hollencrest Securities LLC acquired a new stake in shares of EQT GP Holdings during the second quarter valued at approximately $339,000. 9.46% of the stock is currently owned by institutional investors.
About EQT GP Holdings
EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company is 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.