EQT (NYSE:EQT) Stock Price Target Raised at Truist Financial

Key Points

• Truist Financial raised EQT’s price target from $65 to $70 and maintained a “buy” rating, implying 26.61% potential upside from the prior close.
• Analyst sentiment remains positive overall, with EQT carrying a consensus “Moderate Buy” rating and an average price target of $68, despite mixed target revisions from other brokerages.
• EQT exceeded quarterly earnings expectations, reporting $0.42 in EPS versus a $0.37 consensus estimate and $1.77 billion in revenue, although revenue declined 9.6% year over year.

EQT (NYSE:EQT - Get Free Report) had its price target boosted by Truist Financial from $65.00 to $70.00 in a report released on Monday, Benzinga reports. The firm presently has a "buy" rating on the oil and gas producer's stock. Truist Financial's price objective points to a potential upside of 26.61% from the company's previous close.

Several other brokerages have also weighed in on EQT. Weiss Ratings restated a "hold (c+)" rating on shares of EQT in a research report on Wednesday. UBS Group reduced their price target on shares of EQT from $76.00 to $75.00 and set a "buy" rating for the company in a research report on Tuesday, October 27th. Wells Fargo & Company decreased their price target on EQT from $79.00 to $71.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 27th. Scotiabank lowered their price target on EQT from $54.00 to $53.00 and set a "sector perform" rating on the stock in a report on Tuesday, October 27th. Finally, Citigroup raised their price objective on EQT from $67.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $68.00.

EQT Price Performance

EQT stock traded down $0.09 during midday trading on Monday, reaching $55.29. The company's stock had a trading volume of 1,445,095 shares, compared to its average volume of 8,320,719. The firm has a market capitalization of $34.59 billion, a PE ratio of 13.08 and a beta of 0.68. EQT has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The stock's 50 day simple moving average is $53.20 and its 200 day simple moving average is $55.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.71 and a current ratio of 0.71.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 27th. The oil and gas producer reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.05. EQT had a net margin of 28.40% and a return on equity of 8.89%. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the prior year, the company posted $0.52 EPS. The business's revenue for the quarter was down 9.6% on a year-over-year basis. On average, equities research analysts forecast that EQT will post 3.88 earnings per share for the current year.

Insider Buying and Selling at EQT

In other news, CEO Toby Rice sold 175,328 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were 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 of the company's stock, valued at $118,747,310.95. This trade represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EQT

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of EQT during the 2nd quarter worth $3,204,125,000. State Street Corp grew its holdings in EQT by 3.7% in the second quarter. State Street Corp now owns 39,679,249 shares of the oil and gas producer's stock valued at $2,109,746,000 after purchasing an additional 1,398,316 shares during the period. Wellington Management Group LLP grew its holdings in EQT by 41.4% in the second quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer's stock valued at $1,199,807,000 after purchasing an additional 6,603,286 shares during the period. Bank of New York Mellon Corp acquired a new position in EQT during the second quarter worth approximately $512,148,000. Finally, Bank of America Corp DE increased its position in EQT by 7.2% during the second quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer's stock worth $225,478,000 after purchasing an additional 284,244 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

About EQT

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.

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