EQT Corporation (NYSE:EQT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “EQT Corp.’s solid operations in the face of volatile business scenario, is a reflection of the Appalachian pure play’s cost reduction efforts. Attractive Appalachian resource potential and an extensive drilling program are likely to support production growth. Moreover, EQT Corp expects its 2017 production sales volume in the range of 810-830 Bcfe, up from 759 Bcfe for 2016. The recovery in oil prices is likely to boost the company’s operations as well as margins. However, the company’s stock dropped 6.2% over the last three months. In comparison, the Oil and Gas – U.S Exploration and Production industry has reported 2.6% increase.”
Several other brokerages also recently commented on EQT. Jefferies Group LLC reiterated a “hold” rating and set a $70.00 target price on shares of EQT Corporation in a report on Wednesday, January 18th. Credit Suisse Group started coverage on EQT Corporation in a report on Monday, October 24th. They set an “outperform” rating and a $86.00 target price on the stock. KLR Group reiterated a “buy” rating and set a $94.00 target price on shares of EQT Corporation in a report on Friday, February 3rd. Scotiabank reiterated a “hold” rating and set a $85.00 target price on shares of EQT Corporation in a report on Monday. Finally, Citigroup Inc upgraded EQT Corporation from a “neutral” rating to a “buy” rating in a report on Friday, October 28th. Eleven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $79.44.
Shares of EQT Corporation (NYSE:EQT) traded up 1.61% during midday trading on Thursday, reaching $62.66. The company’s stock had a trading volume of 1,030,349 shares. EQT Corporation has a 1-year low of $54.22 and a 1-year high of $80.61. The company’s 50-day moving average price is $63.92 and its 200 day moving average price is $68.44. The firm’s market capitalization is $10.82 billion.
EQT Corporation (NYSE:EQT) last announced its earnings results on Thursday, February 2nd. The company reported $0.25 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.31. The business had revenue of $379.02 million for the quarter, compared to the consensus estimate of $578.01 million. EQT Corporation had a negative return on equity of 0.53% and a negative net margin of 28.16%. The company’s revenue was down 37.0% on a year-over-year basis. During the same period last year, the business posted ($0.07) EPS. On average, equities research analysts forecast that EQT Corporation will post $0.77 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Friday, February 17th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.19%. The ex-dividend date of this dividend is Wednesday, February 15th. EQT Corporation’s payout ratio is currently -4.49%.
In other EQT Corporation news, Director A. Bray Jr. Cary bought 417 shares of the business’s stock in a transaction on Tuesday, January 3rd. The shares were purchased at an average price of $65.40 per share, with a total value of $27,271.80. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of EQT. BP PLC purchased a new stake in EQT Corporation during the second quarter worth approximately $1,548,000. WMS Partners LLC purchased a new stake in EQT Corporation during the second quarter worth approximately $209,000. Royal Bank of Canada increased its stake in EQT Corporation by 2.3% in the second quarter. Royal Bank of Canada now owns 458,212 shares of the company’s stock worth $35,479,000 after buying an additional 10,300 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in EQT Corporation by 17.7% in the second quarter. Public Employees Retirement System of Ohio now owns 69,860 shares of the company’s stock worth $5,409,000 after buying an additional 10,529 shares in the last quarter. Finally, MD Sass Investors Services Inc. purchased a new stake in EQT Corporation during the second quarter worth approximately $42,185,000. 90.34% of the stock is currently owned by institutional investors.
EQT Corporation Company Profile
EQT Corporation (EQT) is an energy company. The Company operates through two business segments: EQT Production and EQT Midstream. EQT Production is a natural gas producer in the Appalachian Basin with over 10 trillion cubic feet equivalent (Tcfe) of natural gas, natural gas liquid (NGL) and crude oil reserves across approximately 3.4 million acres, including approximately 630,000 gross acres in the Marcellus play.
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