Sanford C. Bernstein Lowers EQT (NYSE:EQT) Price Target to $69.00

Key Points

• Sanford C. Bernstein cut its price target on EQT to $69 from $73 while keeping an "outperform" rating, implying roughly a 19.7% upside from the prior close.
• Analyst sentiment is mixed but positive overall — consensus rating is Moderate Buy with a $68.50 average target, as firms like Truist and Wells Fargo have higher targets ($74 and $70) while others trimmed theirs.
• EQT recently beat EPS estimates ($0.90 vs. $0.76) with revenue up 24.8% year-over-year, but insiders have sold about 61,158 shares (~$3.74M) in the last 90 days and institutional ownership stands at 90.81%.

EQT (NYSE:EQT - Get Free Report) had its price target reduced by research analysts at Sanford C. Bernstein from $73.00 to $69.00 in a research note issued to investors on Monday,MarketScreener reports. The firm presently has an "outperform" rating on the oil and gas producer's stock. Sanford C. Bernstein's target price would indicate a potential upside of 19.70% from the company's previous close.

Several other brokerages have also recently issued reports on EQT. Wells Fargo & Company lifted their target price on EQT from $66.00 to $70.00 and gave the company an "overweight" rating in a research report on Friday, February 20th. Citigroup lowered their price target on EQT from $63.00 to $62.00 and set a "buy" rating for the company in a research report on Friday, December 19th. Jefferies Financial Group reaffirmed a "buy" rating on shares of EQT in a report on Sunday, January 18th. Truist Financial assumed coverage on shares of EQT in a research note on Tuesday, March 24th. They issued a "buy" rating and a $74.00 target price for the company. Finally, Royal Bank Of Canada upped their price objective on shares of EQT from $64.00 to $69.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 8th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.50.

EQT Trading Down 0.1%

NYSE:EQT opened at $57.64 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.76 and a quick ratio of 0.76. EQT has a one year low of $47.14 and a one year high of $68.24. The company has a market cap of $36.02 billion, a PE ratio of 17.39, a PEG ratio of 1.10 and a beta of 0.70. The firm has a 50-day moving average of $60.90 and a 200-day moving average of $57.36.

EQT (NYSE:EQT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 17th. The oil and gas producer reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.14. The business had revenue of $2.09 billion for the quarter, compared to analysts' expectations of $2.13 billion. EQT had a net margin of 23.59% and a return on equity of 7.25%. The firm's revenue for the quarter was up 24.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.69 EPS. As a group, equities research analysts expect that EQT will post 3.27 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Sarah Fenton sold 4,876 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $64.49, for a total value of $314,453.24. Following the transaction, the executive vice president directly owned 52,953 shares of the company's stock, valued at approximately $3,414,938.97. The trade was a 8.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Lesley Evancho sold 20,000 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $60.69, for a total transaction of $1,213,800.00. Following the sale, the insider owned 184,607 shares of the company's stock, valued at $11,203,798.83. This trade represents a 9.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 61,158 shares of company stock valued at $3,742,983. 0.72% of the stock is owned by insiders.

Institutional Investors Weigh In On EQT

A number of hedge funds have recently modified their holdings of EQT. Sound Shore Management Inc CT grew its holdings in EQT by 31.8% during the third quarter. Sound Shore Management Inc CT now owns 1,526,821 shares of the oil and gas producer's stock valued at $83,105,000 after purchasing an additional 368,748 shares during the period. Reaves W H & Co. Inc. lifted its position in shares of EQT by 12.9% during 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 during the last quarter. Rhumbline Advisers grew its stake in shares of EQT by 4.7% during the 3rd quarter. Rhumbline Advisers now owns 1,108,307 shares of the oil and gas producer's stock worth $60,325,000 after acquiring an additional 49,714 shares during the period. Whittier Trust Co. increased its holdings in EQT by 2.3% in the 4th quarter. Whittier Trust Co. now owns 587,172 shares of the oil and gas producer's stock worth $31,361,000 after acquiring an additional 13,232 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in 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 worth $31,253,000 after acquiring an additional 48,587 shares during the last quarter. Institutional investors own 90.81% of the company's stock.

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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