EQT (NYSE:EQT) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded EQT from “strong sell” to “hold,” while broader analyst sentiment remains a “Moderate Buy” with a consensus price target of $68.10.
• EQT shares opened at $54.56, below the consensus target, but the company’s latest quarterly results missed expectations: EPS came in at $0.39 versus $0.41 expected, while revenue fell 29.2% year over year to $1.68 billion.
• Insider selling continued as CEO Toby Z. Rice sold 175,328 shares for about $9.65 million; institutional investors nevertheless own 90.81% of EQT’s outstanding stock.

EQT (NYSE:EQT - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the company. Freedom Capital raised EQT to a "strong-buy" rating in a research report on Tuesday, June 30th. The Goldman Sachs Group decreased their price target on shares of EQT from $65.00 to $63.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Weiss Ratings downgraded shares of EQT from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 30th. Morgan Stanley cut their price objective on shares of EQT from $68.00 to $67.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 19th. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of EQT in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $68.10.

EQT Price Performance

Shares of NYSE EQT opened at $54.56 on Thursday. The company has a fifty day moving average price of $52.33 and a 200 day moving average price of $56.40. The firm has a market cap of $34.13 billion, a PE ratio of 12.66 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT has a 1-year low of $47.94 and a 1-year high of $68.24.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The business's revenue for the quarter was down 29.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. Research analysts predict that EQT will post 3.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Toby Z. Rice sold 175,328 shares of the business's stock in a transaction 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 transaction, the chief executive officer directly owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,042 shares of company stock worth $15,005,076 in the last 90 days. 0.72% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Reaves W H & Co. Inc. lifted its stake in EQT by 12.9% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock valued at $62,282,000 after purchasing an additional 132,741 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in EQT by 21.5% during the fourth quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer's stock worth $9,988,000 after buying an additional 32,921 shares during the last quarter. BOKF NA raised its stake in EQT by 25.9% in the fourth quarter. BOKF NA now owns 138,368 shares of the oil and gas producer's stock valued at $7,417,000 after buying an additional 28,427 shares during the period. Allstate Corp raised its stake in EQT by 114.0% in the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock valued at $2,601,000 after buying an additional 25,852 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in EQT in the second quarter valued at approximately $163,705,000. 90.81% of the stock is currently owned by institutional investors and hedge funds.

About EQT

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source