EQT (NYSE:EQT) Cut to “Sector Perform” at Scotiabank

Scotiabank lowered shares of EQT (NYSE:EQT) from a sector outperform rating to a sector perform rating in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage currently has $54.00 price objective on the oil and gas producer’s stock, down from their previous price objective of $55.00.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial raised their price objective on shares of EQT from $41.00 to $56.00 and gave the stock a “hold” rating in a research report on Monday, January 13th. Citigroup lifted their price target on shares of EQT from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Sanford C. Bernstein upgraded EQT from a “market perform” rating to an “outperform” rating and set a $73.00 price objective for the company in a research report on Wednesday, January 15th. Morgan Stanley raised their target price on EQT from $45.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, November 25th. Finally, Mizuho upgraded EQT from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $48.00 to $57.00 in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EQT presently has a consensus rating of “Moderate Buy” and an average price target of $49.89.

EQT Stock Performance

EQT opened at $52.93 on Friday. The firm has a market capitalization of $31.58 billion, a PE ratio of 63.02 and a beta of 1.12. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.65. EQT has a twelve month low of $30.02 and a twelve month high of $53.98. The firm’s 50-day moving average price is $45.83 and its 200 day moving average price is $38.79.

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.35 billion. EQT had a return on equity of 3.74% and a net margin of 5.52%. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, sell-side analysts expect that EQT will post 1.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Thomas F. Karam sold 30,154 shares of EQT stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $44.83, for a total value of $1,351,803.82. Following the completion of the transaction, the director now owns 201,608 shares in the company, valued at approximately $9,038,086.64. This trade represents a 13.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.63% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale raised its holdings in shares of EQT by 11.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 26,653 shares of the oil and gas producer’s stock valued at $989,000 after purchasing an additional 2,710 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in EQT by 10.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 14,730 shares of the oil and gas producer’s stock valued at $545,000 after buying an additional 1,408 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in EQT by 2.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 230,697 shares of the oil and gas producer’s stock worth $8,531,000 after buying an additional 6,427 shares during the last quarter. J.W. Cole Advisors Inc. acquired a new position in shares of EQT during the 2nd quarter worth about $211,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of EQT by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,224,784 shares of the oil and gas producer’s stock valued at $156,243,000 after acquiring an additional 697,824 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

EQT Company Profile

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.