EQT (NYSE:EQT) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Shares of EQT Corporation (NYSE:EQT) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $54.91 and traded as high as $55.68. EQT shares last traded at $55.3460, with a volume of 7,892,720 shares.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EQT. Wells Fargo & Company cut their price objective on EQT from $68.00 to $66.00 and set an “overweight” rating for the company in a research report on Thursday, October 23rd. Wall Street Zen upgraded EQT from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Citigroup decreased their price objective on EQT from $63.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Weiss Ratings reissued a “buy (b-)” rating on shares of EQT in a report on Monday, December 29th. Finally, Stephens decreased their price target on shares of EQT from $69.00 to $68.00 and set an “overweight” rating on the stock in a research note on Thursday, January 22nd. Nineteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, EQT currently has a consensus rating of “Moderate Buy” and an average price target of $63.77.

EQT Price Performance

The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $34.54 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 0.46 and a beta of 0.74. The firm’s 50 day simple moving average is $54.91 and its 200 day simple moving average is $54.18.

EQT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.2%. The ex-dividend date is Tuesday, February 17th. EQT’s dividend payout ratio is presently 22.60%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EQT. Sound Shore Management Inc CT purchased a new stake in shares of EQT in the second quarter worth approximately $67,539,000. Reaves W H & Co. Inc. grew its holdings in EQT by 213.3% during the 3rd quarter. Reaves W H & Co. Inc. now owns 1,029,234 shares of the oil and gas producer’s stock worth $56,021,000 after acquiring an additional 700,732 shares in the last quarter. SG Americas Securities LLC increased its holdings in EQT by 1,286.2% during the second quarter. SG Americas Securities LLC now owns 735,936 shares of the oil and gas producer’s stock valued at $42,920,000 after buying an additional 682,844 shares during the period. Sound Shore Management Inc CT boosted its position in EQT by 31.8% during the 3rd quarter. Sound Shore Management Inc CT now owns 1,526,821 shares of the oil and gas producer’s stock valued at $83,105,000 after acquiring an additional 368,748 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in EQT by 116.4% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 534,485 shares of the oil and gas producer’s stock valued at $29,092,000 after purchasing an additional 287,538 shares in the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

About EQT

EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.