EQT (EQT) Price Target Lowered to $54.00 at Morgan Stanley

EQT (NYSE:EQT) had its price objective reduced by equities researchers at Morgan Stanley from $59.00 to $54.00 in a research note issued on Thursday. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Morgan Stanley’s price target suggests a potential upside of 8.32% from the company’s previous close.

EQT has been the subject of several other research reports. TheStreet upgraded shares of EQT from a “d+” rating to a “c-” rating in a research report on Monday, July 23rd. ValuEngine cut shares of EQT from a “hold” rating to a “sell” rating in a research report on Tuesday, June 26th. JPMorgan Chase & Co. set a $70.00 target price on shares of EQT and gave the company a “buy” rating in a research report on Wednesday, June 13th. Royal Bank of Canada set a $74.00 target price on shares of EQT and gave the company a “buy” rating in a research report on Thursday, July 19th. Finally, TD Securities began coverage on shares of EQT in a research report on Thursday, July 5th. They set a “hold” rating and a $57.00 target price for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $69.54.

Shares of EQT stock traded up $0.61 on Thursday, hitting $49.85. 2,596,277 shares of the company’s stock traded hands, compared to its average volume of 3,208,985. The stock has a market capitalization of $13.15 billion, a price-to-earnings ratio of 33.92, a PEG ratio of 1.51 and a beta of 0.57. EQT has a one year low of $43.70 and a one year high of $66.03. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.76 and a current ratio of 0.76.

EQT (NYSE:EQT) last issued its earnings results on Thursday, July 26th. The oil and gas producer reported $0.44 EPS for the quarter, beating the consensus estimate of $0.37 by $0.07. The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.13 billion. EQT had a negative net margin of 6.19% and a positive return on equity of 3.73%. The business’s revenue for the quarter was up 53.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.06 EPS. research analysts forecast that EQT will post 2.2 EPS for the current fiscal year.

In other news, insider Robert Joseph Mcnally acquired 4,000 shares of the stock in a transaction that occurred on Wednesday, June 6th. The stock was acquired at an average price of $51.18 per share, for a total transaction of $204,720.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kenneth Michael Burke acquired 5,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was purchased at an average price of $50.20 per share, with a total value of $251,000.00. Following the transaction, the director now owns 5,000 shares in the company, valued at $251,000. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 9,385 shares of company stock valued at $476,964. 0.68% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EQT. Boston Partners increased its position in shares of EQT by 61.7% in the 1st quarter. Boston Partners now owns 12,103,573 shares of the oil and gas producer’s stock valued at $575,041,000 after buying an additional 4,616,940 shares in the last quarter. Iridian Asset Management LLC CT acquired a new position in EQT in the 2nd quarter worth $195,704,000. Sound Shore Management Inc. CT acquired a new position in EQT in the 2nd quarter worth $177,755,000. Canyon Capital Advisors LLC boosted its stake in EQT by 115.1% in the 1st quarter. Canyon Capital Advisors LLC now owns 5,031,000 shares of the oil and gas producer’s stock worth $239,023,000 after purchasing an additional 2,691,650 shares during the period. Finally, Scopia Capital Management LP acquired a new position in EQT in the 2nd quarter worth $102,772,000. Institutional investors and hedge funds own 91.18% of the company’s stock.

About EQT

EQT Corporation, together with its subsidiaries, operates in natural gas industry in the United States. Its EQT Production segment produces natural gas, natural gas liquids (NGLs), and crude oil. As of December 31, 2017, this segment operated 21.4 trillion cubic feet of proved natural gas, NGLs, and crude oil reserves across approximately 4.0 million gross acres comprising approximately 1.1 million gross acres.

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