EQT (NYSE:EQT) Price Target Cut to $67.00 by Analysts at Citigroup

Key Points

• Citigroup lowered EQT’s price target from $70 to $67 while maintaining a “buy” rating, implying roughly 30.5% upside from the stock’s previous close.
• EQT shares traded at $51.34, near the lower end of their 52-week range. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.08.
• The company missed quarterly expectations, reporting $0.39 in adjusted earnings per share versus a $0.41 estimate and $1.68 billion in revenue versus $1.76 billion expected; revenue declined 29.2% year over year.

EQT (NYSE:EQT - Get Free Report) had its price target decreased by analysts at Citigroup from $70.00 to $67.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the oil and gas producer's stock. Citigroup's price target would suggest a potential upside of 30.49% from the company's previous close.

EQT has been the topic of a number of other reports. Jefferies Financial Group lowered their price objective on shares of EQT from $77.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Morgan Stanley decreased their target price on shares of EQT from $74.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Stephens boosted their price target on EQT from $71.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 22nd. Truist Financial dropped their price objective on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, June 24th. Finally, Capital One Financial raised their target price on EQT from $64.00 to $68.00 and gave the company an "overweight" rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $68.08.

EQT Stock Performance

EQT traded down $0.66 during trading on Tuesday, reaching $51.34. The company's stock had a trading volume of 2,345,636 shares, compared to its average volume of 8,701,521. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. The company's fifty day moving average price is $52.75 and its 200-day moving average price is $56.49. EQT has a 52-week low of $47.94 and a 52-week high of $68.24. The company has a market capitalization of $32.12 billion, a price-to-earnings ratio of 11.92 and a beta of 0.55.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). EQT had a net margin of 28.44% and a return on equity of 9.31%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the prior year, the business earned $0.45 earnings per share. The firm's quarterly revenue was down 29.2% compared to the same quarter last year. On average, equities analysts forecast that EQT will post 4.15 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Toby Z. Rice sold 96,983 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $54.28, for a total value of $5,264,237.24. Following the completion of the transaction, the chief executive officer directly owned 2,334,924 shares of the company's stock, valued at $126,739,674.72. This represents a 3.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company's stock.

Institutional Trading of EQT

Several hedge funds have recently added to or reduced their stakes in EQT. Greykasell Wealth Strategies Inc. acquired a new position in shares of EQT during the fourth quarter valued at $26,000. Fortitude Family Office LLC increased its stake in EQT by 95.6% during the 4th quarter. Fortitude Family Office LLC now owns 573 shares of the oil and gas producer's stock valued at $31,000 after buying an additional 280 shares during the period. Root Financial Partners LLC increased its stake in EQT by 35.4% during the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock valued at $49,000 after buying an additional 202 shares during the period. Elyxium Wealth LLC bought a new stake in shares of EQT during the 4th quarter worth about $49,000. Finally, Sound Income Strategies LLC raised its position in shares of EQT by 186.4% during the 4th quarter. Sound Income Strategies LLC now owns 1,266 shares of the oil and gas producer's stock worth $64,000 after buying an additional 824 shares in the last quarter. Institutional investors own 90.81% of the company's stock.

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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