EQT (NYSE:EQT) Given New $70.00 Price Target at BMO Capital Markets

Key Points

• BMO Capital Markets cut its price target on EQT from $76 to $70 while keeping an outperform rating. The new target still implies about 25.8% upside from the stock’s current price.
• Several other analysts have recently adjusted their views on EQT, and the stock now carries a Moderate Buy consensus with an average target price of $68.83. Analyst sentiment remains generally positive despite the target reductions.
• EQT reported strong quarterly earnings of $2.33 per share, beating expectations, while revenue matched estimates at $3.14 billion. The stock recently traded at $55.65, below its 52-week high of $68.24 but above its low of $48.47.

EQT (NYSE:EQT - Get Free Report) had its price target dropped by research analysts at BMO Capital Markets from $76.00 to $70.00 in a research note issued on Wednesday,MarketScreener reports. The brokerage currently has an "outperform" rating on the oil and gas producer's stock. BMO Capital Markets' price objective suggests a potential upside of 25.79% from the company's current price.

Several other equities analysts have also recently weighed in on the stock. Stephens lowered their price objective on shares of EQT from $78.00 to $73.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 21st. Capital One Financial upped their target price on shares of EQT from $64.00 to $68.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Siebert Williams Shank increased their price target on shares of EQT from $59.00 to $62.00 and gave the stock a "hold" rating in a research report on Monday, January 26th. Barclays lifted their price target on shares of EQT from $67.00 to $69.00 and gave the stock an "overweight" rating in a research note on Monday, March 16th. Finally, TD Securities raised shares of EQT to a "strong-buy" rating in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $68.83.

EQT Stock Performance

EQT stock traded down $0.13 during midday trading on Wednesday, reaching $55.65. 405,201 shares of the company traded hands, compared to its average volume of 9,382,263. The firm has a market capitalization of $34.81 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 0.97 and a beta of 0.59. The business has a 50 day moving average of $60.87 and a two-hundred day moving average of $57.74. EQT has a 12 month low of $48.47 and a 12 month high of $68.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.66 and a quick ratio of 0.66.

EQT (NYSE:EQT - Get Free Report) last posted its earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The business had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. As a group, research analysts predict that EQT will post 4.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, CAO Todd James sold 32,514 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $61.12, for a total transaction of $1,987,255.68. Following the completion of the sale, the chief accounting officer owned 58,796 shares in the company, valued at approximately $3,593,611.52. This trade represents a 35.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Vicky A. Bailey sold 4,116 shares of EQT stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $59.80, for a total value of $246,136.80. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 65,274 shares of company stock worth $3,989,120. 0.72% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Westpac Banking Corp boosted its stake in shares of EQT by 6.6% in the third quarter. Westpac Banking Corp now owns 2,671 shares of the oil and gas producer's stock worth $145,000 after acquiring an additional 165 shares during the last quarter. Parallel Advisors LLC raised its stake in EQT by 1.0% in the 4th quarter. Parallel Advisors LLC now owns 19,075 shares of the oil and gas producer's stock valued at $1,022,000 after purchasing an additional 198 shares during the last quarter. Root Financial Partners LLC lifted its holdings in EQT by 35.4% in the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock valued at $49,000 after purchasing an additional 202 shares in the last quarter. Rothschild Investment LLC lifted its holdings in EQT by 0.5% in the 4th quarter. Rothschild Investment LLC now owns 46,582 shares of the oil and gas producer's stock valued at $2,497,000 after purchasing an additional 215 shares in the last quarter. Finally, Fortitude Family Office LLC boosted its position in EQT by 95.6% during the fourth quarter. Fortitude Family Office LLC now owns 573 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 280 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors.

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.

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