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

EQT (NYSE:EQT) had its target price reduced by Morgan Stanley from $74.00 to $68.00 in a research note issued to investors on Friday morning,MarketScreener reports. They currently have an overweight rating on the oil and gas producer’s stock.

EQT has been the topic of a number of other reports. The Goldman Sachs Group cut their price objective on EQT from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Truist Financial decreased their target price on EQT from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday. Weiss Ratings downgraded EQT from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Roth Mkm reissued a “neutral” rating on shares of EQT in a research report on Tuesday, April 14th. Finally, BMO Capital Markets reduced their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, EQT presently has an average rating of “Moderate Buy” and a consensus price target of $68.04.

EQT Stock Up 2.0%

EQT stock opened at $52.68 on Friday. 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. The firm’s fifty day simple moving average is $55.47 and its 200-day simple moving average is $56.99. The company has a market capitalization of $32.95 billion, a P/E ratio of 10.00 and a beta of 0.55.

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. The firm had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.14 billion. EQT had a net margin of 31.94% and a return on equity of 9.74%. During the same period in the prior year, the company posted $1.18 earnings per share. Sell-side analysts forecast that EQT will post 4.52 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Wednesday, May 6th were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.66 dividend on an annualized basis and a yield of 1.3%. EQT’s payout ratio is 12.52%.

Insiders Place Their Bets

In other EQT news, CEO Toby Z. Rice sold 1,731 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 2,333,193 shares of the company’s stock, valued at $124,732,497.78. This represents a 0.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vicky A. Bailey sold 4,116 shares of the business’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $59.80, for a total value of $246,136.80. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 102,830 shares of company stock valued at $5,602,913. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On EQT

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caxton Associates LLP bought a new position in shares of EQT during the 1st quarter worth about $256,000. Focus Partners Wealth raised its position in EQT by 9.0% in the first quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock worth $1,156,000 after purchasing an additional 1,789 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in EQT by 495.2% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer’s stock worth $7,468,000 after purchasing an additional 106,545 shares in the last quarter. Captrust Financial Advisors lifted its stake in EQT by 39.4% during the second quarter. Captrust Financial Advisors now owns 30,617 shares of the oil and gas producer’s stock worth $1,786,000 after purchasing an additional 8,658 shares during the period. Finally, Westpac Banking Corp boosted its holdings in EQT by 6.6% during the third quarter. Westpac Banking Corp now owns 2,671 shares of the oil and gas producer’s stock valued at $145,000 after purchasing an additional 165 shares in 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.