EQT (NYSE:EQT) Given New $63.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs lowered its price target on EQT from $65 to $63, while keeping a Buy rating. The new target still implies about 19% upside from the stock’s current price.
• Wall Street remains broadly positive on EQT, with the consensus rating at Moderate Buy and an average price target of $67.96. Recent analyst actions have been mixed, with some firms trimming targets while others maintained bullish views.
• EQT’s latest quarterly results beat earnings expectations, reporting $2.33 EPS versus the $2.01 estimate, while revenue matched forecasts at $3.14 billion. The stock opened at $52.88, below both its 52-week high and Goldman’s new target.

EQT (NYSE:EQT - Get Free Report) had its price target decreased by research analysts at The Goldman Sachs Group from $65.00 to $63.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage presently has a "buy" rating on the oil and gas producer's stock. The Goldman Sachs Group's price objective points to a potential upside of 19.13% from the company's current price.

EQT has been the topic of several other reports. Weiss Ratings lowered shares of EQT from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Roth Mkm reaffirmed a "neutral" rating on shares of EQT in a research report on Tuesday, April 14th. Wolfe Research boosted their price target on EQT from $64.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. UBS Group cut their price target on EQT from $75.00 to $74.00 and set a "buy" rating for the company in a report on Friday, April 24th. Finally, Stephens lowered their price target on shares of EQT from $78.00 to $73.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, EQT has a consensus rating of "Moderate Buy" and an average target price of $67.96.

EQT Price Performance

EQT stock opened at $52.88 on Tuesday. EQT has a one year low of $48.47 and a one year high of $68.24. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $33.08 billion, a PE ratio of 10.03 and a beta of 0.55. The firm has a 50-day moving average of $55.34 and a two-hundred day moving average of $56.93.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the prior year, the business earned $1.18 EPS. On average, analysts forecast that EQT will post 4.52 earnings per share for the current year.

Insider Transactions at EQT

In other EQT news, Director Vicky A. Bailey sold 4,116 shares of the company's stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $59.80, for a total value of $246,136.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Toby Z. Rice sold 1,731 shares of the business's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $53.46, for a total value of $92,539.26. Following the sale, the chief executive officer owned 2,333,193 shares of the company's stock, valued at approximately $124,732,497.78. This represents a 0.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 102,830 shares of company stock worth $5,602,913. Insiders own 0.72% of the company's stock.

Hedge Funds Weigh In On EQT

Several hedge funds have recently added to or reduced their stakes in EQT. Reaves W H & Co. Inc. raised its holdings in EQT by 12.9% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock worth $62,282,000 after purchasing an additional 132,741 shares in the last quarter. Whittier Trust Co. grew its stake in shares of EQT by 9.6% during the 1st quarter. Whittier Trust Co. now owns 643,321 shares of the oil and gas producer's stock worth $38,857,000 after purchasing an additional 56,149 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of EQT by 9.1% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 583,072 shares of the oil and gas producer's stock valued at $31,253,000 after purchasing an additional 48,587 shares during the period. SG Americas Securities LLC boosted its holdings in EQT by 228.5% during the fourth quarter. SG Americas Securities LLC now owns 517,651 shares of the oil and gas producer's stock worth $27,746,000 after buying an additional 360,049 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in shares of EQT by 5.6% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 302,193 shares of the oil and gas producer's stock worth $18,252,000 after acquiring an additional 16,051 shares in the last quarter. 90.81% of the stock is currently owned by 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.

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