EQT (NYSE:EQT) Stock Gets Price Target Increase from Truist Financial

EQT (NYSE:EQT) had its price objective lifted by stock analysts at Truist Financial from $65.00 to $70.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas producer’s stock. Truist Financial‘s target price points to a potential upside of 26.61% from the stock’s current price.

EQT has been the topic of several other reports. Mizuho reduced their price target on EQT from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, October 15th. Wall Street Zen lowered shares of EQT from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. The Goldman Sachs Group reiterated a “buy” rating on shares of EQT in a research note on Tuesday, October 20th. Morgan Stanley decreased their target price on shares of EQT from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Wednesday, August 19th. Finally, Barclays lowered their price target on shares of EQT from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, EQT presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.00.

EQT Trading Down 0.2%

Shares of EQT stock traded down $0.09 during trading hours on Monday, reaching $55.29. The stock had a trading volume of 1,445,095 shares, compared to its average volume of 8,320,719. The firm has a market capitalization of $34.59 billion, a price-to-earnings ratio of 13.08 and a beta of 0.68. EQT has a 1 year low of $47.94 and a 1 year high of $68.24. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.19. The firm has a 50 day simple moving average of $53.20 and a two-hundred day simple moving average of $55.49.

EQT (NYSE:EQT) last issued its earnings results on Tuesday, October 27th. The oil and gas producer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.05. EQT had a return on equity of 8.89% and a net margin of 28.40%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The company’s revenue for the quarter was down 9.6% on a year-over-year basis. As a group, equities research analysts anticipate that EQT will post 3.88 earnings per share for the current year.

Insider Activity

In related news, CEO Toby Rice sold 175,328 shares of EQT stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the transaction, the chief executive officer directly owned 2,157,865 shares of the company’s stock, valued at $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by company insiders.

Institutional Trading of EQT

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EQT. The Manufacturers Life Insurance Company bought a new position in shares of EQT in the second quarter valued at approximately $163,705,000. Bank of America Corp DE grew its stake in EQT by 7.2% in the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer’s stock valued at $225,478,000 after purchasing an additional 284,244 shares during the period. NEOS Investment Management LLC increased its position in shares of EQT by 14.8% during the 2nd quarter. NEOS Investment Management LLC now owns 102,572 shares of the oil and gas producer’s stock valued at $5,454,000 after purchasing an additional 13,201 shares during the last quarter. Core Capital Management & Research inc. purchased a new stake in shares of EQT during the 2nd quarter valued at $1,074,000. Finally, QRG Capital Management Inc. raised its stake in shares of EQT by 156.2% during the 2nd quarter. QRG Capital Management Inc. now owns 93,774 shares of the oil and gas producer’s stock worth $4,986,000 after purchasing an additional 57,179 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

About EQT

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.

EQT’s operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.

The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.