EQT Corp. (NYSE:EQT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “
Other analysts also recently issued research reports about the stock. Howard Weil downgraded shares of EQT Corp. from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $91.00 to $90.00 in a report on Thursday, August 11th. Tudor Pickering downgraded shares of EQT Corp. from a “buy” rating to a “hold” rating in a report on Thursday, October 13th. KLR Group reaffirmed a “buy” rating and issued a $95.00 target price (down previously from $100.00) on shares of EQT Corp. in a report on Monday, August 1st. Scotiabank downgraded shares of EQT Corp. from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $91.00 to $90.00 in a report on Thursday, August 11th. Finally, Citigroup Inc. lifted their target price on shares of EQT Corp. from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Twelve analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of C$77.50.
EQT Corp. (NYSE:EQT) traded down 0.56% during mid-day trading on Tuesday, reaching $65.55. 615,854 shares of the company’s stock were exchanged. The stock’s market capitalization is $11.32 billion. The firm’s 50-day moving average is $71.75 and its 200 day moving average is $71.97. EQT Corp. has a 1-year low of $47.10 and a 1-year high of $80.61.
EQT Corp. (NYSE:EQT) last posted its quarterly earnings data on Thursday, July 28th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.06. The company had revenue of $127.53 million for the quarter, compared to analyst estimates of $461.53 million. EQT Corp. had a negative net margin of 18.74% and a negative return on equity of 1.27%. EQT Corp.’s quarterly revenue was down 71.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) earnings per share. Analysts forecast that EQT Corp. will post ($0.64) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 11th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.18%. The ex-dividend date of this dividend is Tuesday, November 8th. EQT Corp.’s dividend payout ratio is presently -5.66%.
Institutional investors have recently bought and sold shares of the stock. State Treasurer State of Michigan raised its position in shares of EQT Corp. by 9.1% in the second quarter. State Treasurer State of Michigan now owns 59,970 shares of the company’s stock valued at $4,643,000 after buying an additional 5,000 shares during the period. Brown Advisory Inc. raised its position in shares of EQT Corp. by 23.7% in the second quarter. Brown Advisory Inc. now owns 18,884 shares of the company’s stock valued at $1,462,000 after buying an additional 3,623 shares during the period. Artemis Investment Management LLP bought a new position in shares of EQT Corp. during the second quarter valued at approximately $16,265,000. Blair William & Co. IL raised its position in shares of EQT Corp. by 46.0% in the second quarter. Blair William & Co. IL now owns 10,539 shares of the company’s stock valued at $816,000 after buying an additional 3,319 shares during the period. Finally, Canada Pension Plan Investment Board raised its position in shares of EQT Corp. by 3.4% in the first quarter. Canada Pension Plan Investment Board now owns 3,014 shares of the company’s stock valued at $203,000 after buying an additional 100 shares during the period. 87.74% of the stock is owned by institutional investors and hedge funds.
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.