EQT (NYSE:EQT) Sets New 1-Year Low - Should You Sell?

Key Points

• EQT shares hit a new 52-week low, falling to as low as $48.47 after closing at $50.15 the prior day, signaling recent weakness in the stock.
• Despite the drop, Wall Street sentiment remains fairly positive: analysts’ consensus is a Moderate Buy with an average price target of $68.21, and several firms recently reiterated or raised their targets.
• The company reported better-than-expected earnings in its latest quarter, with EPS of $2.33 beating estimates, and it also pays a quarterly dividend that works out to a 1.4% yield.

EQT Corporation (NYSE:EQT - Get Free Report) shares hit a new 52-week low on Friday . The stock traded as low as $48.47 and last traded at $48.4990, with a volume of 1955439 shares trading hands. The stock had previously closed at $50.15.

Analysts Set New Price Targets

A number of analysts have recently issued reports on EQT shares. Wolfe Research raised their target price on shares of EQT from $64.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Truist Financial decreased their price target on shares of EQT from $74.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, June 24th. Citigroup increased their price target on shares of EQT from $66.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, May 5th. UBS Group cut their price objective on shares of EQT from $74.00 to $73.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Weiss Ratings cut EQT from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $68.21.

EQT Stock Performance

The stock's 50-day simple moving average is $54.31 and its 200-day simple moving average is $56.76. The stock has a market cap of $30.01 billion, a price-to-earnings ratio of 9.13 and a beta of 0.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of $2.01 by $0.32. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.14 billion. EQT had a net margin of 31.94% and a return on equity of 9.74%. During the same period in the previous year, the business earned $1.18 earnings per share. Analysts forecast that EQT Corporation will post 4.4 earnings per share for the current fiscal year.

EQT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Wednesday, May 6th were issued a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.66 annualized dividend and a yield of 1.4%. EQT's payout ratio is currently 12.52%.

Insiders Place Their Bets

In related news, CEO Toby Z. Rice sold 1,731 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $53.46, for a total value of $92,539.26. Following the transaction, the chief executive officer owned 2,333,193 shares in the company, valued at approximately $124,732,497.78. This trade represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vicky A. Bailey sold 4,116 shares of the business'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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 102,830 shares of company stock valued at $5,602,913. Corporate insiders own 0.72% of the company's stock.

Institutional Investors Weigh In On EQT

A number of large investors have recently bought and sold shares of the company. Reaves W H & Co. Inc. raised its position in shares of 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 buying an additional 132,741 shares in the last quarter. Whittier Trust Co. boosted its position 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 acquiring an additional 56,149 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its stake in EQT by 9.1% in the fourth 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 acquiring an additional 48,587 shares during the last quarter. SG Americas Securities LLC increased its stake in EQT by 228.5% in the fourth quarter. SG Americas Securities LLC now owns 517,651 shares of the oil and gas producer's stock valued at $27,746,000 after acquiring an additional 360,049 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in EQT by 5.6% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 302,193 shares of the oil and gas producer's stock valued at $18,252,000 after purchasing an additional 16,051 shares in the last quarter. 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.

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