EQT (NYSE:EQT) Downgraded by Wells Fargo & Company

Wells Fargo & Company lowered shares of EQT (NYSE:EQT) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. They currently have $37.00 price target on the oil and gas producer’s stock, down from their previous price target of $48.00.

A number of other equities research analysts have also recently issued reports on the stock. StockNews.com raised shares of EQT to a sell rating in a report on Tuesday, March 12th. Royal Bank of Canada reaffirmed an outperform rating and issued a $46.00 target price on shares of EQT in a report on Tuesday, March 5th. Sanford C. Bernstein raised shares of EQT from an underperform rating to a market perform rating and upped their target price for the company from $27.00 to $34.00 in a report on Wednesday, April 10th. Jefferies Financial Group upped their target price on shares of EQT from $42.00 to $43.00 and gave the company a buy rating in a report on Friday, April 5th. Finally, Truist Financial lowered their price target on shares of EQT from $37.00 to $35.00 and set a hold rating on the stock in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $43.38.

EQT Stock Performance

Shares of EQT stock opened at $36.65 on Wednesday. The firm has a fifty day moving average of $35.92 and a two-hundred day moving average of $38.06. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. EQT has a 52 week low of $30.84 and a 52 week high of $45.23. The stock has a market capitalization of $16.14 billion, a price-to-earnings ratio of 8.62 and a beta of 1.12.

EQT (NYSE:EQT) last issued its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.48 EPS for the quarter, topping the consensus estimate of $0.47 by $0.01. EQT had a net margin of 25.12% and a return on equity of 7.12%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. As a group, equities research analysts predict that EQT will post 1.4 EPS for the current year.

EQT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 8th will be given a $0.1575 dividend. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $0.63 dividend on an annualized basis and a yield of 1.72%. EQT’s dividend payout ratio is currently 14.82%.

Institutional Trading of EQT

A number of hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in EQT by 6.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,883,676 shares of the oil and gas producer’s stock valued at $2,044,484,000 after buying an additional 3,159,700 shares in the last quarter. Vanguard Group Inc. boosted its position in EQT by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 46,922,862 shares of the oil and gas producer’s stock valued at $1,814,038,000 after buying an additional 2,023,222 shares in the last quarter. Wellington Management Group LLP boosted its position in EQT by 3.2% in the fourth quarter. Wellington Management Group LLP now owns 20,320,219 shares of the oil and gas producer’s stock valued at $785,580,000 after buying an additional 632,625 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of EQT by 6.5% during the third quarter. Bank of New York Mellon Corp now owns 18,037,923 shares of the oil and gas producer’s stock valued at $731,979,000 after acquiring an additional 1,098,211 shares during the last quarter. Finally, Capital World Investors raised its stake in shares of EQT by 1.5% during the fourth quarter. Capital World Investors now owns 17,425,711 shares of the oil and gas producer’s stock valued at $673,678,000 after acquiring an additional 265,297 shares during the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

About EQT

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.