JPMorgan Chase & Co. Has Lowered Expectations for EQT (NYSE:EQT) Stock Price

EQT (NYSE:EQT) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $72.00 to $68.00 in a report released on Tuesday,MarketScreener reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 32.68% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Roth Mkm reiterated a “neutral” rating on shares of EQT in a research report on Tuesday, April 14th. Weiss Ratings raised shares of EQT from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Truist Financial assumed coverage on shares of EQT in a report on Tuesday, March 24th. They set a “buy” rating and a $74.00 target price for the company. Wolfe Research upped their target price on shares of EQT from $64.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Finally, The Goldman Sachs Group cut their price target on EQT from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, EQT has a consensus rating of “Moderate Buy” and an average target price of $68.67.

EQT Trading Down 1.1%

Shares of EQT stock traded down $0.59 on Tuesday, reaching $51.25. 770,349 shares of the stock were exchanged, compared to its average volume of 8,773,141. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.66 and a quick ratio of 0.66. EQT has a one year low of $48.47 and a one year high of $68.24. The stock has a market cap of $32.06 billion, a PE ratio of 9.73 and a beta of 0.55. The stock has a 50 day moving average price of $55.91 and a 200 day moving average price of $57.21.

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.32. The business had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $3.14 billion. EQT had a return on equity of 9.74% and a net margin of 31.94%.During the same quarter last year, the business earned $1.18 earnings per share. Equities research analysts forecast that EQT will post 4.7 EPS for the current fiscal year.

Insider Activity

In other news, Director Vicky A. Bailey sold 4,116 shares of EQT stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $59.80, for a total transaction of $246,136.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Toby Z. Rice sold 1,731 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 2,333,193 shares of the company’s stock, valued at $124,732,497.78. This represents a 0.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 102,830 shares of company stock valued at $5,602,913 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Caxton Associates LLP acquired a new stake in shares of EQT during the first quarter worth $256,000. Focus Partners Wealth lifted its position in EQT by 9.0% in the 1st quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock valued at $1,156,000 after acquiring an additional 1,789 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its stake in EQT by 495.2% in the 2nd 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 purchasing an additional 106,545 shares during the period. Captrust Financial Advisors boosted its stake in EQT by 39.4% in the 2nd quarter. Captrust Financial Advisors now owns 30,617 shares of the oil and gas producer’s stock worth $1,786,000 after purchasing an additional 8,658 shares during the period. Finally, Westpac Banking Corp boosted its stake in EQT by 6.6% in the 3rd quarter. Westpac Banking Corp now owns 2,671 shares of the oil and gas producer’s stock worth $145,000 after purchasing an additional 165 shares during the period. Institutional investors own 90.81% of the company’s stock.

EQT Company Profile

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.