EQT (NYSE:EQT) Stock Gets Price Target Reduction from Scotiabank

EQT (NYSE:EQT) had its target price reduced by Scotiabank from $54.00 to $53.00 in a report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the oil and gas producer’s stock.

Other analysts have also recently issued research reports about the company. UBS Group lowered their price objective on EQT from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday. Stephens boosted their target price on EQT from $71.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday. Zacks Research raised EQT from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 27th. Mizuho decreased their price target on EQT from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of EQT in a report on Tuesday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.78.

EQT Price Performance

Shares of EQT opened at $54.43 on Tuesday. The company has a market cap of $34.05 billion, a price-to-earnings ratio of 13.92 and a beta of 0.66. EQT has a twelve month low of $47.94 and a twelve month high of $68.24. The company has a quick ratio of 0.67, a current ratio of 0.71 and a debt-to-equity ratio of 0.19. The company has a 50 day moving average of $53.17 and a two-hundred day moving average of $55.47.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, October 27th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.05. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.40% and a return on equity of 8.89%. The business’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. As a group, analysts predict that EQT will post 3.88 earnings per share for the current fiscal year.

EQT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Wednesday, November 4th will be paid a $0.17 dividend. This is a positive change from EQT’s previous quarterly dividend of $0.1650. The ex-dividend date is Wednesday, November 4th. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. EQT’s dividend payout ratio (DPR) is 15.31%.

Insider Buying and Selling

In other EQT news, CEO Toby Rice sold 175,328 shares of EQT stock in a transaction dated 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 sale, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. McAlvany Wealth Management LLC lifted its position in EQT by 0.5% during the third quarter. McAlvany Wealth Management LLC now owns 82,270 shares of the oil and gas producer’s stock valued at $3,995,000 after purchasing an additional 448 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in EQT by 2.4% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 970,699 shares of the oil and gas producer’s stock valued at $47,189,000 after purchasing an additional 22,411 shares during the last quarter. Hennessy Advisors Inc. grew its position in EQT by 0.7% during the 3rd quarter. Hennessy Advisors Inc. now owns 287,332 shares of the oil and gas producer’s stock worth $13,953,000 after purchasing an additional 2,100 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in EQT during the 3rd quarter worth about $7,762,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in EQT during the 3rd quarter worth about $29,000. 90.81% of the stock is owned by institutional investors and hedge funds.

EQT News Roundup

Here are the key news stories impacting EQT this week:

• Positive Sentiment: EQT’s planned all-stock acquisition of Range Resources would create a natural-gas producer valued at more than $50 billion. Management expects greater scale, cost synergies, stronger free cash flow and increased exposure to liquids-rich gas. EQT to Acquire Range Resources, Create a Leading Natural Gas Company
• Positive Sentiment: CEO Toby Rice said the Range transaction has created a higher-quality business and fits EQT’s broader Gulf Coast and global LNG strategy, potentially improving the company’s access to export markets. EQT CEO Toby Rice on buying Range Resources
• Positive Sentiment: Third-quarter adjusted EPS of $0.42 exceeded the $0.37 consensus estimate, helped by lower operating costs and capital spending approximately 10% below guidance. EQT Q3 Earnings Beat Estimates

EQT Company Profile

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.

EQT’s operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.

The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.