EQT (NYSE:EQT) Price Target Lowered to $66.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered its price target for EQT from $68.00 to $66.00 while maintaining an "overweight" rating, indicating a potential upside of 24.54% from the current price.
• Other research firms have also cut their price targets for EQT, with the consensus target price now at $63.52 and a majority of analysts rating it as a "Moderate Buy."
• EQT's recent quarterly earnings report showed a 52.6% increase in revenue compared to the same period last year, with earnings per share of $0.52, exceeding analysts' expectations.

EQT (NYSE:EQT - Get Free Report) had its target price reduced by equities research analysts at Wells Fargo & Company from $68.00 to $66.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas producer's stock. Wells Fargo & Company's price target indicates a potential upside of 24.54% from the company's current price.

Several other research firms have also recently weighed in on EQT. Weiss Ratings reiterated a "hold (c)" rating on shares of EQT in a research note on Tuesday, October 14th. Jefferies Financial Group reduced their price objective on EQT from $70.00 to $68.00 and set a "buy" rating for the company in a research report on Thursday, October 2nd. BMO Capital Markets lowered their price objective on EQT from $62.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, September 22nd. Mizuho cut their target price on EQT from $66.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, September 15th. Finally, The Goldman Sachs Group decreased their price target on shares of EQT from $68.00 to $66.00 and set a "buy" rating on the stock in a research note on Wednesday, October 15th. Eighteen investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.52.

EQT Stock Performance

EQT opened at $52.99 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.32. The stock's 50 day moving average price is $52.72 and its two-hundred day moving average price is $53.60. The firm has a market capitalization of $33.07 billion, a P/E ratio of 18.15, a price-to-earnings-growth ratio of 0.47 and a beta of 0.50. EQT has a 12-month low of $35.44 and a 12-month high of $61.02.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 21st. The oil and gas producer reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.02. EQT had a return on equity of 7.04% and a net margin of 22.59%.The company had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same period in the prior year, the business earned $0.12 earnings per share. EQT's revenue for the quarter was up 52.6% compared to the same quarter last year. On average, equities analysts forecast that EQT will post 3.27 earnings per share for the current year.

Insider Buying and Selling at EQT

In other news, EVP Sarah Fenton sold 12,438 shares of the business's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $51.94, for a total value of $646,029.72. Following the transaction, the executive vice president directly owned 13,297 shares of the company's stock, valued at $690,646.18. The trade was a 48.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vicky A. Bailey sold 4,259 shares of EQT stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total value of $219,594.04. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by insiders.

Institutional Trading of EQT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in EQT by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 74,039,340 shares of the oil and gas producer's stock valued at $3,955,922,000 after purchasing an additional 1,509,054 shares during the period. Northern Trust Corp raised its holdings in EQT by 2.0% in the first quarter. Northern Trust Corp now owns 5,692,985 shares of the oil and gas producer's stock worth $304,176,000 after purchasing an additional 113,716 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of EQT by 2.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 5,204,106 shares of the oil and gas producer's stock worth $278,055,000 after purchasing an additional 110,249 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in shares of EQT by 10.3% in the 1st quarter. Neuberger Berman Group LLC now owns 5,191,780 shares of the oil and gas producer's stock valued at $277,397,000 after buying an additional 484,671 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of EQT by 7.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,658,814 shares of the oil and gas producer's stock valued at $251,017,000 after buying an additional 311,154 shares during the period. 90.81% of the stock is currently owned by institutional investors and hedge funds.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.

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