Truist Financial Issues Pessimistic Forecast for EQT (NYSE:EQT) Stock Price

EQT (NYSE:EQT) had its target price cut by equities researchers at Truist Financial from $74.00 to $65.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Truist Financial’s price target would suggest a potential upside of 24.96% from the stock’s previous close.

EQT has been the topic of several other reports. Barclays lifted their price target on shares of EQT from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Sanford C. Bernstein reduced their target price on shares of EQT from $73.00 to $69.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Wells Fargo & Company lifted their target price on shares of EQT from $70.00 to $79.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. BMO Capital Markets lowered their price target on shares of EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Stephens cut their price target on shares of EQT from $78.00 to $73.00 and set an “overweight” rating for the company in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $68.29.

EQT Stock Performance

Shares of NYSE EQT traded up $0.36 during mid-day trading on Wednesday, hitting $52.02. The company had a trading volume of 1,678,895 shares, compared to its average volume of 8,787,118. The stock’s 50-day moving average price is $55.77 and its 200-day moving average price is $57.14. The company has a market capitalization of $32.54 billion, a price-to-earnings ratio of 9.87 and a beta of 0.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.19. EQT has a 1 year low of $48.47 and a 1 year high of $68.24.

EQT (NYSE:EQT) last issued its quarterly earnings data on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.32. EQT had a return on equity of 9.74% and a net margin of 31.94%.The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the business posted $1.18 earnings per share. On average, sell-side analysts forecast that EQT will post 4.7 earnings per share for the current year.

Insider Buying and Selling

In other EQT news, Director Vicky A. Bailey sold 4,116 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $59.80, for a total transaction of $246,136.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Toby Z. Rice sold 1,731 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $53.46, for a total value of $92,539.26. Following the completion of the sale, the chief executive officer owned 2,333,193 shares of the company’s stock, valued at $124,732,497.78. The trade was a 0.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 102,830 shares of company stock valued at $5,602,913 over the last quarter. Company insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EQT. Greykasell Wealth Strategies Inc. bought a new stake in EQT during the fourth quarter valued at about $26,000. Aventura Private Wealth LLC bought a new position in EQT in the fourth quarter worth about $31,000. Fortitude Family Office LLC raised its holdings in EQT by 95.6% in the fourth quarter. Fortitude Family Office LLC now owns 573 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 280 shares in the last quarter. Elyxium Wealth LLC purchased a new stake in shares of EQT during the fourth quarter valued at about $49,000. Finally, Root Financial Partners LLC lifted its position in shares of EQT by 35.4% during the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock valued at $49,000 after buying an additional 202 shares during the last quarter. Institutional investors own 90.81% of the company’s stock.

EQT Company Profile

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.