EQT (NYSE:EQT) Price Target Cut to $61.00 by Analysts at Wolfe Research

EQT (NYSE:EQT) had its target price cut by investment analysts at Wolfe Research from $70.00 to $61.00 in a note issued to investors on Monday,MarketScreener reports. The firm currently has an “outperform” rating on the oil and gas producer’s stock. Wolfe Research’s price objective suggests a potential upside of 15.34% from the stock’s previous close.

Several other brokerages have also issued reports on EQT. Royal Bank Of Canada raised their target price on EQT from $60.00 to $62.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 7th. Piper Sandler boosted their price objective on shares of EQT from $49.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 18th. William Blair started coverage on EQT in a report on Tuesday, October 14th. They issued an “outperform” rating on the stock. Citigroup decreased their price target on shares of EQT from $63.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Finally, Siebert Williams Shank dropped their price objective on shares of EQT from $62.00 to $59.00 and set a “hold” rating on the stock in a research note on Monday, October 13th. Nineteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $64.65.

EQT Price Performance

NYSE EQT opened at $52.89 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $56.53 and its 200-day moving average is $54.73. EQT has a 12-month low of $43.57 and a 12-month high of $62.23. The company has a market capitalization of $33.00 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 0.30 and a beta of 0.68.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, October 21st. The oil and gas producer reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.02. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.78 billion. EQT had a net margin of 22.59% and a return on equity of 6.88%. EQT’s quarterly revenue was up 52.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.12 earnings per share. Equities research analysts anticipate that EQT will post 3.27 earnings per share for the current fiscal year.

Insider Activity at EQT

In other EQT news, EVP J.E.B. Bolen sold 1,422 shares of the firm’s stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $52.79, for a total value of $75,067.38. Following the completion of the sale, the executive vice president owned 69,486 shares of the company’s stock, valued at approximately $3,668,165.94. This trade represents a 2.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EQT

Several hedge funds have recently modified their holdings of EQT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of EQT by 25.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,525,776 shares of the oil and gas producer’s stock worth $134,952,000 after purchasing an additional 506,970 shares during the last quarter. Whittier Trust Co. grew its position in EQT by 2.6% during the 2nd quarter. Whittier Trust Co. now owns 302,900 shares of the oil and gas producer’s stock worth $17,662,000 after acquiring an additional 7,647 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in shares of EQT during the first quarter valued at approximately $280,000. First American Bank acquired a new position in EQT in the third quarter valued at approximately $1,915,000. Finally, Hodges Capital Management Inc. bought a new stake in shares of EQT in the 1st quarter valued at about $1,977,000. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

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.