EQT (NYSE:EQT) Price Target Cut to $68.00 by Analysts at Morgan Stanley

EQT (NYSE:EQT) had its price target dropped by equities research analysts at Morgan Stanley from $74.00 to $68.00 in a research note issued on Friday,MarketScreener reports. The brokerage currently has an “overweight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target would suggest a potential upside of 29.08% from the stock’s current price.

Several other equities analysts have also commented on EQT. The Goldman Sachs Group reduced their price objective on EQT from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. UBS Group dropped their target price on EQT from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Friday, April 24th. Citigroup upped their target price on EQT from $66.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Stephens reduced their price target on shares of EQT from $78.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 21st. Finally, Evercore boosted their price objective on shares of EQT from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $68.04.

EQT Price Performance

EQT stock opened at $52.68 on Friday. The stock has a market cap of $32.95 billion, a price-to-earnings ratio of 10.00 and a beta of 0.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.19. The business has a 50-day simple moving average of $55.47 and a 200 day simple moving average of $56.99. EQT has a 52 week low of $48.47 and a 52 week high of $68.24.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the business earned $1.18 earnings per share. On average, research analysts forecast that EQT will post 4.52 earnings per share for the current fiscal year.

Insider Buying and Selling at EQT

In other news, Director Vicky A. Bailey sold 4,116 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $59.80, for a total transaction of $246,136.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Toby Z. Rice sold 96,983 shares of EQT stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $54.28, for a total transaction of $5,264,237.24. Following the transaction, the chief executive officer directly owned 2,334,924 shares of the company’s stock, valued at approximately $126,739,674.72. This trade represents a 3.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 102,830 shares of company stock valued at $5,602,913 in the last three months. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On EQT

A number of institutional investors have recently modified their holdings of EQT. Greykasell Wealth Strategies Inc. purchased a new stake in shares of EQT during the fourth quarter valued at approximately $26,000. Aventura Private Wealth LLC bought a new position in EQT in the 4th quarter valued at approximately $31,000. Fortitude Family Office LLC increased its holdings in shares of EQT by 95.6% in the 4th 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 $49,000. Finally, Root Financial Partners LLC increased its holdings in EQT by 35.4% in the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock worth $49,000 after buying an additional 202 shares in the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

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.