EQT (NYSE:EQT) Stock Rating Upgraded by Zacks Research

EQT (NYSE:EQT) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also commented on EQT. Truist Financial lowered their price target on EQT from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Stephens boosted their price objective on shares of EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. Sanford C. Bernstein reissued an “outperform” rating on shares of EQT in a report on Thursday, July 30th. UBS Group dropped their price target on shares of EQT from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, July 8th. Finally, Citigroup reduced their price target on shares of EQT from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.10.

EQT Trading Down 0.4%

Shares of EQT stock opened at $54.56 on Thursday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $34.13 billion, a price-to-earnings ratio of 12.66 and a beta of 0.58. The firm’s 50-day moving average price is $52.33 and its two-hundred day moving average price is $56.40. EQT has a 12-month low of $47.94 and a 12-month high of $68.24.

EQT (NYSE:EQT) last issued its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the company earned $0.45 EPS. EQT’s revenue for the quarter was down 29.2% on a year-over-year basis. On average, analysts forecast that EQT will post 3.97 earnings per share for the current fiscal year.

Insider Activity at EQT

In other news, CEO Toby Z. Rice sold 175,328 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the transaction, the chief executive officer directly owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. This represents a 7.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 274,042 shares of company stock valued at $15,005,076 in the last quarter. 0.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On EQT

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of EQT in the second quarter valued at about $3,204,125,000. California State Teachers Retirement System lifted its holdings in shares of EQT by 5,000.6% during the second quarter. California State Teachers Retirement System now owns 36,749,722 shares of the oil and gas producer’s stock worth $1,953,983,000 after purchasing an additional 36,029,223 shares during the period. Wellington Management Group LLP grew its position in EQT by 41.4% during the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock worth $1,199,807,000 after purchasing an additional 6,603,286 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of EQT during the 2nd quarter valued at approximately $512,148,000. Finally, Bank of America Corp DE increased its stake in shares of EQT by 7.2% in the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer’s stock valued at $225,478,000 after purchasing an additional 284,244 shares in the last quarter. 90.81% of the stock is currently 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.