Truist Financial Has Lowered Expectations for EQT (NYSE:EQT) Stock Price

Key Points

• Truist Financial lowered its price target on EQT from $74 to $65, while keeping a buy rating on the natural gas producer. The new target still implies about 25% upside from the prior close.
• Wall Street remains largely constructive on EQT, with a consensus rating of Moderate Buy and an average price target of $68.29. Other firms recently adjusted targets and ratings, but most still lean bullish.
• EQT reported better-than-expected quarterly earnings, posting EPS of $2.33 versus the $2.01 estimate, while revenue came in line at $3.14 billion. The stock also saw recent insider selling, including by CEO Toby Z. Rice.

EQT (NYSE:EQT - Get Free Report) had its price target lowered by investment analysts at Truist Financial from $74.00 to $65.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas producer's stock. Truist Financial's price target indicates a potential upside of 24.96% from the stock's previous close.

EQT has been the subject of a number of other research reports. Wolfe Research boosted their target price on EQT from $64.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Weiss Ratings raised EQT from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, June 5th. JPMorgan Chase & Co. decreased their target price on EQT from $72.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of EQT in a research note on Sunday, April 26th. Finally, Stephens reduced 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. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $68.29.

EQT Stock Performance

NYSE:EQT traded up $0.36 during mid-day trading on Wednesday, hitting $52.02. 1,678,895 shares of the company's stock traded hands, compared to its average volume of 8,787,118. The firm has a market capitalization of $32.54 billion, a price-to-earnings ratio of 9.87 and a beta of 0.55. EQT has a 12 month low of $48.47 and a 12 month high of $68.24. The firm has a 50 day moving average of $55.77 and a two-hundred day moving average of $57.14. 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 announced its quarterly earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. On average, equities analysts forecast that EQT will post 4.7 earnings per share for the current fiscal year.

Insider Activity

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 stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $59.80, for a total transaction of $246,136.80. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 102,830 shares of company stock valued at $5,602,913 in the last ninety days. 0.72% of the stock is currently owned by insiders.

Institutional Trading of EQT

Institutional investors have recently modified their holdings of the business. Reaves W H & Co. Inc. raised its stake 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 worth $62,282,000 after purchasing an additional 132,741 shares during the period. Cullen Frost Bankers Inc. grew its position in EQT by 21.5% during the fourth quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer's stock valued at $9,988,000 after buying an additional 32,921 shares during the period. BOKF NA increased its holdings in EQT by 25.9% during the fourth quarter. BOKF NA now owns 138,368 shares of the oil and gas producer's stock worth $7,417,000 after buying an additional 28,427 shares during the last quarter. Allstate Corp increased its holdings in EQT by 114.0% during the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock worth $2,601,000 after buying an additional 25,852 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC bought a new stake in EQT in the fourth quarter worth about $1,099,000. 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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