Citigroup Lowers EQT (NYSE:EQT) Price Target to $67.00

EQT (NYSE:EQT) had its price target decreased by analysts at Citigroup from $70.00 to $67.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Citigroup’s target price indicates a potential upside of 30.49% from the company’s current price.

Other analysts have also issued reports about the stock. Freedom Capital raised shares of EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada restated a “sector perform” rating and set a $69.00 price target on shares of EQT in a report on Wednesday, April 15th. Roth Capital restated a “neutral” rating on shares of EQT in a research report on Tuesday, April 14th. BMO Capital Markets decreased their price objective on shares of EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Wolfe Research lifted their price objective on shares of EQT from $64.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, EQT has an average rating of “Moderate Buy” and an average target price of $68.08.

EQT Price Performance

Shares of EQT traded down $0.66 during trading hours on Tuesday, hitting $51.34. 2,345,636 shares of the company were exchanged, compared to its average volume of 8,701,521. The firm has a fifty day simple moving average of $52.75 and a 200-day simple moving average of $56.49. The company has a market capitalization of $32.12 billion, a PE ratio of 11.92 and a beta of 0.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. EQT has a one year low of $47.94 and a one year high of $68.24.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The company’s revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that EQT will post 4.15 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Toby Z. Rice sold 1,731 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $53.46, for a total value of $92,539.26. Following the completion of the sale, the chief executive officer directly owned 2,333,193 shares in the company, valued at approximately $124,732,497.78. This represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. KTF Investments LLC acquired a new position in shares of EQT during the 4th quarter worth about $8,885,000. Reaves W H & Co. Inc. boosted its position in shares of EQT by 12.9% in the fourth 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 acquiring an additional 132,741 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of EQT by 495.2% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer’s stock worth $7,468,000 after acquiring an additional 106,545 shares during the last quarter. Whittier Trust Co. increased its position in EQT by 9.6% during the first quarter. Whittier Trust Co. now owns 643,321 shares of the oil and gas producer’s stock worth $38,857,000 after acquiring an additional 56,149 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in EQT by 9.1% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 583,072 shares of the oil and gas producer’s stock valued at $31,253,000 after purchasing an additional 48,587 shares during the last quarter. 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.