EQT Corp. (EQT) Upgraded to “Buy” at Zacks Investment Research
EQT Corp. (NYSE:EQT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage 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.”
Several other brokerages have also weighed in on EQT. Howard Weil cut their price objective on shares of EQT Corp. from $92.00 to $91.00 and set a “sector outperform” rating on the stock in a report on Friday, July 29th. Jefferies Group increased their price objective on shares of EQT Corp. from $74.00 to $77.00 and gave the stock a “hold” rating in a report on Friday, July 29th. Barclays PLC increased their price objective on shares of EQT Corp. from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, July 29th. Citigroup Inc. increased their price objective on shares of EQT Corp. from $72.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, July 29th. Finally, Wolfe Research began coverage on shares of EQT Corp. in a report on Friday, October 7th. They set a “buy” rating and a $85.00 price objective on the stock. Eleven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. EQT Corp. currently has a consensus rating of “Hold” and a consensus target price of C$77.50.
Shares of EQT Corp. (NYSE:EQT) traded down 2.12% on Monday, hitting $66.03. 573,388 shares of the company were exchanged. EQT Corp. has a 52-week low of $47.10 and a 52-week high of $80.61. The company has a 50-day moving average price of $71.91 and a 200 day moving average price of $71.90. The firm’s market cap is $11.41 billion.
EQT Corp. (NYSE:EQT) last released its earnings results on Thursday, July 28th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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%. The firm’s quarterly revenue was down 71.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.06) EPS. Analysts predict that EQT Corp. will post ($0.64) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 11th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.18%. The ex-dividend date is Tuesday, November 8th. EQT Corp.’s payout ratio is currently -5.66%.
Hedge funds have recently added to or reduced their stakes in the company. Ngam Advisors L.P. purchased a new position in shares of EQT Corp. during the first quarter valued at about $692,000. Prudential Financial Inc. boosted its position in shares of EQT Corp. by 3.6% in the first quarter. Prudential Financial Inc. now owns 200,834 shares of the company’s stock valued at $13,509,000 after buying an additional 7,000 shares during the period. BlackRock Fund Advisors boosted its position in shares of EQT Corp. by 1.1% in the first quarter. BlackRock Fund Advisors now owns 2,731,419 shares of the company’s stock valued at $183,715,000 after buying an additional 30,640 shares during the period. NN Investment Partners Holdings N.V. purchased a new position in shares of EQT Corp. during the first quarter valued at about $1,501,000. Finally, M&T Bank Corp boosted its position in shares of EQT Corp. by 7.4% in the first quarter. M&T Bank Corp now owns 14,742 shares of the company’s stock valued at $991,000 after buying an additional 1,016 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.
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