Zacks Investment Research Downgrades EQT GP (EQGP) to Hold

EQT GP (NYSE:EQGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “EQT GP Holdings, LP is a limited partnership which is engaged in owning, operating, acquiring and developing midstream assets primarily in the Appalachian Basin through its subsidiaries. EQT GP Holdings, LP is based in Pittsburgh, Pennsylvania. “

A number of other equities analysts have also issued reports on EQGP. Scotiabank reissued a “hold” rating and issued a $32.00 price objective on shares of EQT GP in a report on Wednesday, October 4th. Royal Bank of Canada reissued a “buy” rating and issued a $37.00 price objective on shares of EQT GP in a report on Tuesday, October 10th. Seaport Global Securities began coverage on EQT GP in a report on Tuesday, October 10th. They issued a “buy” rating and a $37.00 price objective for the company. BidaskClub lowered EQT GP from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 25th. Finally, Mitsubishi UFJ Financial Group reaffirmed an “overweight” rating on shares of EQT GP in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. EQT GP presently has a consensus rating of “Buy” and a consensus price target of $32.40.

Shares of EQT GP (EQGP) remained flat at $$28.70 during mid-day trading on Wednesday. The company had a trading volume of 127,800 shares, compared to its average volume of 153,567. EQT GP has a twelve month low of $24.18 and a twelve month high of $31.76. The firm has a market capitalization of $7,640.00 and a P/E ratio of 30.53. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.89 and a current ratio of 0.89.

EQT GP (NYSE:EQGP) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. EQT GP had a return on equity of 12.14% and a net margin of 30.98%. The business had revenue of $207.19 million during the quarter. equities research analysts forecast that EQT GP will post 1.01 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its stake in EQT GP by 0.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,675 shares of the oil and gas company’s stock valued at $141,000 after purchasing an additional 40 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in EQT GP by 7.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,032 shares of the oil and gas company’s stock valued at $242,000 after purchasing an additional 556 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in EQT GP by 1.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 52,328 shares of the oil and gas company’s stock valued at $1,578,000 after purchasing an additional 650 shares in the last quarter. Franklin Resources Inc. boosted its stake in EQT GP by 3.3% during the 2nd quarter. Franklin Resources Inc. now owns 26,640 shares of the oil and gas company’s stock valued at $803,000 after purchasing an additional 840 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its stake in EQT GP by 8.7% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 27,482 shares of the oil and gas company’s stock valued at $796,000 after purchasing an additional 2,200 shares in the last quarter. 10.19% of the stock is owned by hedge funds and other institutional investors.

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About EQT GP

EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was formed to own EQT Corporation’s (EQT’s) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin.

Analyst Recommendations for EQT GP (NYSE:EQGP)

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