Zacks Investment Research Upgrades EQT GP Holdings LP (EQGP) to Buy
EQT GP Holdings LP (NYSE:EQGP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $27.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 8.43% from the stock’s previous close.
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 shares of EQT GP Holdings in a research report on Friday, October 7th. They set an “outperform” rating on the stock. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. EQT GP Holdings presently has an average rating of “Buy” and a consensus target price of $27.25.
EQT GP Holdings (NYSE:EQGP) opened at 24.90 on Tuesday. The company has a market capitalization of $6.63 billion, a P/E ratio of 33.16 and a beta of 1.33. EQT GP Holdings has a one year low of $17.39 and a one year high of $27.74. The company’s 50-day moving average is $24.10 and its 200 day moving average is $25.05.
EQT GP Holdings (NYSE:EQGP) last released its quarterly earnings results on Thursday, October 27th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.01. The company had revenue of $170.80 million for the quarter, compared to analyst estimates of $144.61 million. EQT GP Holdings had a net margin of 29.00% and a return on equity of 11.41%. The firm’s revenue was up 14.8% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. On average, equities analysts anticipate that EQT GP Holdings will post $0.78 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Friday, November 4th were given a $0.165 dividend. This is a positive change from EQT GP Holdings’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Wednesday, November 2nd. This represents a $0.66 annualized dividend and a dividend yield of 2.65%. EQT GP Holdings’s dividend payout ratio (DPR) is 88.00%.
Hedge funds have recently made changes to their positions in the stock. Credit Suisse AG increased its position in EQT GP Holdings by 10,668.1% in the third quarter. Credit Suisse AG now owns 1,762,201 shares of the company’s stock valued at $44,178,000 after buying an additional 1,745,836 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in EQT GP Holdings during the third quarter valued at $189,000. NBW Capital LLC increased its position in EQT GP Holdings by 3.3% in the third quarter. NBW Capital LLC now owns 334,171 shares of the company’s stock valued at $8,378,000 after buying an additional 10,769 shares in the last quarter. Neuberger Berman Group LLC increased its position in EQT GP Holdings by 41.7% in the third quarter. Neuberger Berman Group LLC now owns 3,569,523 shares of the company’s stock valued at $89,488,000 after buying an additional 1,049,686 shares in the last quarter. Finally, Bank of Montreal Can increased its position in EQT GP Holdings by 57.6% in the third quarter. Bank of Montreal Can now owns 153,000 shares of the company’s stock valued at $3,836,000 after buying an additional 55,889 shares in the last quarter. Institutional investors and hedge funds own 9.46% of the company’s stock.
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.
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