EQT (EQT) Downgraded by Morgan Stanley to “Underweight”
Morgan Stanley downgraded shares of EQT (NYSE:EQT) from an equal weight rating to an underweight rating in a research report released on Wednesday morning, Marketbeat Ratings reports. They currently have $12.00 price objective on the oil and gas producer’s stock, down from their prior price objective of $48.00.
A number of other brokerages have also recently commented on EQT. Royal Bank of Canada set a $74.00 price target on EQT and gave the stock a buy rating in a research report on Thursday, July 19th. BMO Capital Markets reissued a hold rating and issued a $35.00 price target on shares of EQT in a research report on Tuesday. TheStreet raised EQT from a d+ rating to a c- rating in a research report on Monday, July 23rd. LADENBURG THALM/SH SH set a $70.00 price target on EQT and gave the stock a buy rating in a research report on Friday, August 17th. Finally, Wells Fargo & Co reissued a market weight rating and issued a $63.00 price target on shares of EQT in a research report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $48.93.
EQT stock traded down $0.31 during trading hours on Wednesday, hitting $17.17. 479,927 shares of the stock traded hands, compared to its average volume of 3,874,398. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.00 and a beta of 0.91. EQT has a one year low of $16.63 and a one year high of $60.35.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Wednesday, November 21st will be given a $0.03 dividend. The ex-dividend date is Tuesday, November 20th. This represents a $0.12 annualized dividend and a yield of 0.70%. EQT’s dividend payout ratio (DPR) is presently 8.16%.
In related news, insider Robert Joseph Mcnally bought 15,800 shares of the firm’s stock in a transaction on Wednesday, October 31st. The stock was acquired at an average cost of $34.16 per share, for a total transaction of $539,728.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James E. Rohr bought 10,000 shares of the firm’s stock in a transaction on Thursday, November 1st. The shares were bought at an average price of $34.66 per share, with a total value of $346,600.00. The disclosure for this purchase can be found here. Insiders purchased a total of 42,609 shares of company stock worth $1,447,612 over the last ninety days. 0.68% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in EQT. Virtus Alternative Investment Advisers Inc. purchased a new stake in EQT during the 3rd quarter valued at $133,000. Cerebellum GP LLC raised its stake in EQT by 71.4% during the 3rd quarter. Cerebellum GP LLC now owns 3,488 shares of the oil and gas producer’s stock valued at $154,000 after buying an additional 1,453 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in EQT during the 2nd quarter valued at $163,000. Dupont Capital Management Corp raised its stake in EQT by 48.7% during the 2nd quarter. Dupont Capital Management Corp now owns 3,876 shares of the oil and gas producer’s stock valued at $214,000 after buying an additional 1,270 shares during the last quarter. Finally, MML Investors Services LLC purchased a new stake in EQT during the 3rd quarter valued at $218,000. Institutional investors and hedge funds own 95.66% of the company’s stock.
EQT Corporation, together with its subsidiaries, operates in natural gas industry in the United States. Its EQT Production segment produces natural gas, natural gas liquids (NGLs), and crude oil. As of December 31, 2017, this segment operated 21.4 trillion cubic feet of proved natural gas, NGLs, and crude oil reserves across approximately 4.0 million gross acres comprising approximately 1.1 million gross acres.
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