Wells Fargo & Company Downgrades EQT (NYSE:EQT) to Equal Weight

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

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group boosted their price objective on EQT from $42.00 to $43.00 and gave the stock a buy rating in a research report on Friday, April 5th. JPMorgan Chase & Co. reissued a neutral rating and issued a $37.00 price objective (down previously from $39.00) on shares of EQT in a research report on Wednesday, March 20th. Royal Bank of Canada reissued an outperform rating and issued a $46.00 price objective on shares of EQT in a research report on Tuesday, March 5th. Piper Sandler boosted their price objective on EQT from $45.00 to $47.00 and gave the stock an overweight rating in a research report on Thursday, March 7th. Finally, Truist Financial cut their price objective on EQT from $37.00 to $35.00 and set a hold rating on the stock in a research report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $43.13.

EQT Trading Down 0.5 %

NYSE EQT opened at $36.03 on Wednesday. The business has a 50 day moving average price of $35.85 and a 200-day moving average price of $38.09. EQT has a 52 week low of $30.84 and a 52 week high of $45.23. The company has a market cap of $15.87 billion, a price-to-earnings ratio of 8.48 and a beta of 1.12. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.37.

EQT (NYSE:EQT) last announced its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.01. EQT had a return on equity of 7.12% and a net margin of 25.12%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. EQT’s revenue was up 17.6% compared to the same quarter last year. As a group, equities analysts expect that EQT will post 1.31 earnings per share for the current fiscal 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 paid a $0.1575 dividend. This represents a $0.63 annualized dividend and a yield of 1.75%. EQT’s dividend payout ratio is currently 14.82%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in EQT. Capital World Investors bought a new position in EQT in the 1st quarter worth about $497,156,000. Wellington Management Group LLP raised its holdings in shares of EQT by 61.9% in the 3rd quarter. Wellington Management Group LLP now owns 19,687,594 shares of the oil and gas producer’s stock valued at $798,923,000 after acquiring an additional 7,526,875 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of EQT by 6,029.6% in the 1st quarter. Renaissance Technologies LLC now owns 6,424,264 shares of the oil and gas producer’s stock valued at $221,059,000 after acquiring an additional 6,319,457 shares in the last quarter. PointState Capital LP purchased a new stake in shares of EQT in the 1st quarter valued at about $163,646,000. Finally, Clearbridge Investments LLC raised its holdings in shares of EQT by 66.1% in the 1st quarter. Clearbridge Investments LLC now owns 11,115,761 shares of the oil and gas producer’s stock valued at $382,493,000 after acquiring an additional 4,423,003 shares in the last quarter. Institutional investors 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.