EQT Corporation (EQT) Upgraded to Outperform at Robert W. Baird

EQT Corporation (EQT) has been upgraded today by the securities research analysts at investment firm Robert W. Baird which raised EQT from a “neutral” rating to “outperform.”  Baird also increased their performance outlook for EQT and adjusted their price target from $55 to $66 dollars.  Baird noted that their upgraded rating is based on valuation and commodity price updates.

EQT has trended with positive bias ever since April trading eventually pulled northward after EQT stumbled within the first quarter of 2011 trading.  EQT has consistently posted a series of higher highs since throughout 2011 trading, with the exception of a break below intermediate support during mid March.  Notable is EQT has not traded beneath the 10-day simple moving average for 13 consecutive trading days which portrays overall bullish momentum underlying shares of EQT.

EQT is slated to release their next earnings report on July 28th, 2011, and the current consensus EPS estimate is expected to be 38 cents.  EQT’s last earnings report was released on April 28th, 2011, and announced EPS of 67 cents with revenue totaling $357 million dollars which was up 10.8% year to year.  EQT is currently trading above its 50 & 200-day moving averages and 2011 is an up year for the company.

EQT Corporation conducts its business through three business segments: EQT Production, EQT Midstream and Distribution.  EQT Production is one of the largest natural gas producers in the Appalachian Basin with 5.2 Tcfe of proved reserves across 3.5 million acres as of December 31, 2010.  The company has market capitalization of $8,646,019,800 and 149,430,000 shares outstanding.  EQT has a 52-week high of $58.49 with the low being $32.23 dollars.

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