EQT Corp. (NYSE:EQT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $76.00 target price on the stock.
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 Appalachian resource potential and an extensive drilling program are likely to support production growth. Moreover, demand for natural gas will likely grow in the coming years backed by its 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 and hence, we believe that the positives may be offset. Additionally, the company’s capital budget relies heavily on future cash flows, which are subject to a number of variables. As such, we see EQT shares performing in line with the broader market.”
Other equities research analysts have also issued reports about the company. 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 for the company. GMP Securities began coverage on EQT Corp. in a report on Wednesday, September 28th. They issued a “buy” rating and a $92.00 target price for the company. Stifel Nicolaus raised EQT Corp. from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research report on Friday, August 26th. KLR Group reaffirmed a “buy” rating and issued a $95.00 price target (down from $100.00) on shares of EQT Corp. in a research report on Monday, August 1st. Finally, Tudor Pickering downgraded EQT Corp. from a “buy” rating to a “hold” rating in a research report on Thursday. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of C$77.50.
Shares of EQT Corp. (NYSE:EQT) traded down 2.12% during trading on Monday, reaching $66.03. The company had a trading volume of 573,388 shares. EQT Corp. has a 12 month low of $47.10 and a 12 month high of $80.61. The stock has a 50 day moving average price of $71.91 and a 200 day moving average price of $71.90. The firm’s market capitalization is $11.41 billion.
EQT Corp. (NYSE:EQT) last posted its earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.06. EQT Corp. had a negative return on equity of 1.27% and a negative net margin of 18.74%. The firm earned $127.53 million during the quarter, compared to analyst estimates of $461.53 million. During the same period in the previous year, the company earned ($0.06) EPS. The company’s revenue for the quarter was down 71.0% on a year-over-year basis. On average, equities research analysts forecast that EQT Corp. will post ($0.64) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Friday, November 11th will be paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend is Tuesday, November 8th. EQT Corp.’s dividend payout ratio is currently -5.66%.
A number of institutional investors have recently bought and sold shares of EQT. Fisher Asset Management LLC raised its position in EQT Corp. by 0.3% in the second quarter. Fisher Asset Management LLC now owns 3,258 shares of the company’s stock worth $251,000 after buying an additional 10 shares in the last quarter. First Manhattan Co. raised its position in EQT Corp. by 0.6% in the second quarter. First Manhattan Co. now owns 6,490 shares of the company’s stock worth $502,000 after buying an additional 40 shares in the last quarter. Raymond James Trust N.A. raised its position in EQT Corp. by 0.8% in the third quarter. Raymond James Trust N.A. now owns 9,494 shares of the company’s stock worth $689,000 after buying an additional 72 shares in the last quarter. Silvercrest Asset Management Group LLC raised its position in EQT Corp. by 1.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 7,493 shares of the company’s stock worth $504,000 after buying an additional 75 shares in the last quarter. Finally, Wetherby Asset Management Inc. raised its position in EQT Corp. by 2.8% in the second quarter. Wetherby Asset Management Inc. now owns 3,092 shares of the company’s stock worth $240,000 after buying an additional 84 shares in the last quarter. 87.74% of the stock is currently owned by institutional investors.
EQT Corp. Company Profile
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.