Zacks Investment Research downgraded shares of EQT Corp. (NYSE:EQT) from a buy rating to a hold rating in a research report sent 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. “
A number of other brokerages have also recently commented on EQT. Stifel Nicolaus raised EQT Corp. from a hold rating to a buy rating and set a $87.00 target price on the stock in a report on Friday, August 26th. GMP Securities started coverage on EQT Corp. in a report on Wednesday, September 28th. They issued a buy rating and a $92.00 target price on the stock. Jefferies Group raised their target price on EQT Corp. from $74.00 to $77.00 and gave the stock a hold rating in a report on Friday, July 29th. Barclays PLC raised their target price on EQT Corp. from $82.00 to $85.00 and gave the stock an overweight rating in a report on Friday, July 29th. Finally, Wolfe Research started coverage on EQT Corp. in a report on Friday, October 7th. They issued a buy rating and a $85.00 target price on the stock. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. EQT Corp. presently has a consensus rating of Hold and an average target price of C$77.50.
EQT Corp. (NYSE:EQT) traded down 0.56% during trading on Tuesday, reaching $65.55. The company had a trading volume of 615,854 shares. The firm’s market capitalization is $11.32 billion. The firm’s 50-day moving average price is $71.75 and its 200 day moving average price is $71.97. EQT Corp. has a one year low of $47.10 and a one year high of $80.61.
EQT Corp. (NYSE:EQT) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.06. The firm had revenue of $127.53 million for the quarter, compared to the consensus estimate of $461.53 million. EQT Corp. had a negative return on equity of 1.27% and a negative net margin of 18.74%. The company’s revenue for the quarter was down 71.0% on a year-over-year basis. During the same period last year, the business posted ($0.06) EPS. Equities analysts forecast that EQT Corp. will post ($0.64) earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 11th will be given a dividend of $0.03 per share. The ex-dividend date is Tuesday, November 8th. This represents a $0.12 annualized dividend and a dividend yield of 0.18%. EQT Corp.’s dividend payout ratio (DPR) is presently -5.66%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of EQT Corp. by 10.4% in the second quarter. Vanguard Group Inc. now owns 15,983,499 shares of the company’s stock valued at $1,237,603,000 after buying an additional 1,508,708 shares during the period. State Street Corp raised its position in shares of EQT Corp. by 3.5% in the second quarter. State Street Corp now owns 8,603,079 shares of the company’s stock valued at $666,134,000 after buying an additional 289,069 shares during the period. Boston Partners raised its position in shares of EQT Corp. by 89.9% in the second quarter. Boston Partners now owns 6,902,638 shares of the company’s stock valued at $534,471,000 after buying an additional 3,268,060 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of EQT Corp. by 9.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,420,994 shares of the company’s stock valued at $342,318,000 after buying an additional 367,474 shares during the period. Finally, BlackRock Fund Advisors raised its position in shares of EQT Corp. by 13.1% in the second quarter. BlackRock Fund Advisors now owns 3,089,591 shares of the company’s stock valued at $239,227,000 after buying an additional 358,172 shares during the period. Institutional investors and hedge funds own 87.74% of the company’s stock.
About EQT Corp.
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.