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

Wells Fargo & Company cut shares of EQT (NYSE:EQT) from an overweight rating to an equal weight rating in a report issued on Wednesday, Marketbeat Ratings reports. Wells Fargo & Company currently has $37.00 price objective on the oil and gas producer’s stock, down from their prior price objective of $48.00.

A number of other analysts have also recently issued reports on EQT. Mizuho lifted their target price on shares of EQT from $39.00 to $40.00 and gave the company a neutral rating in a research note on Tuesday. Scotiabank upgraded shares of EQT from a sector perform rating to a sector outperform rating and lifted their target price for the company from $40.00 to $52.00 in a research note on Thursday, April 11th. Sanford C. Bernstein upgraded shares of EQT from an underperform rating to a market perform rating and lifted their target price for the company from $27.00 to $34.00 in a research note on Wednesday, April 10th. Jefferies Financial Group lifted their target price on shares of EQT from $42.00 to $43.00 and gave the company a buy rating in a research note on Friday, April 5th. Finally, Piper Sandler lifted their target price on shares of EQT from $45.00 to $47.00 and gave the company an overweight rating in a research note on Thursday, March 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, EQT currently has an average rating of Hold and a consensus price target of $43.13.

EQT Stock Performance

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

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, February 13th. The oil and gas producer reported $0.48 EPS for the quarter, topping the consensus estimate of $0.47 by $0.01. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.58 billion. EQT had a net margin of 25.12% and a return on equity of 7.12%. The firm’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same period last year, the company posted $0.42 earnings per share. Research analysts anticipate 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. Investors of record on Wednesday, May 8th will be given a dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a yield of 1.75%. EQT’s dividend payout ratio (DPR) is currently 14.82%.

Hedge Funds Weigh In On EQT

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in EQT by 6.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 52,883,676 shares of the oil and gas producer’s stock worth $2,044,484,000 after acquiring an additional 3,159,700 shares during the period. Vanguard Group Inc. increased its holdings in EQT by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 46,922,862 shares of the oil and gas producer’s stock valued at $1,814,038,000 after buying an additional 2,023,222 shares during the period. Wellington Management Group LLP increased its holdings in EQT by 3.2% in the 4th quarter. Wellington Management Group LLP now owns 20,320,219 shares of the oil and gas producer’s stock valued at $785,580,000 after buying an additional 632,625 shares during the period. Bank of New York Mellon Corp increased its holdings in EQT by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 18,037,923 shares of the oil and gas producer’s stock valued at $731,979,000 after buying an additional 1,098,211 shares during the period. Finally, Capital World Investors increased its holdings in EQT by 1.5% in the 4th quarter. Capital World Investors now owns 17,425,711 shares of the oil and gas producer’s stock valued at $673,678,000 after buying an additional 265,297 shares during the period. 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.