EQT Corp. (EQT) Shares Gap Up to $70.51
EQT Corp. (NYSE:EQT)’s share price gapped up before the market opened on Monday . The stock had previously closed at $70.39, but opened at $70.51. EQT Corp. shares last traded at $71.64, with a volume of 435,687 shares changing hands.
A number of research firms recently issued reports on EQT. Howard Weil cut EQT Corp. from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $91.00 to $90.00 in a report on Thursday, August 11th. Zacks Investment Research cut EQT Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, August 10th. KLR Group restated a “buy” rating and set a $95.00 price objective (down previously from $100.00) on shares of EQT Corp. in a report on Monday, August 1st. Scotiabank cut EQT Corp. from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $91.00 to $90.00 in a report on Thursday, August 11th. Finally, Citigroup Inc. boosted their price objective on EQT Corp. from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, July 29th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. EQT Corp. currently has an average rating of “Hold” and a consensus price target of C$78.67.
The stock’s 50-day moving average is $70.99 and its 200 day moving average is $70.77. The firm’s market cap is $12.30 billion.
EQT Corp. (NYSE:EQT) last released its quarterly earnings results on Thursday, July 28th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.06. EQT Corp. had a negative return on equity of 1.27% and a negative net margin of 18.74%. The business earned $127.53 million during the quarter, compared to analyst estimates of $461.53 million. During the same period last year, the business posted ($0.06) earnings per share. The company’s quarterly revenue was down 71.0% on a year-over-year basis. On average, equities research analysts predict that EQT Corp. will post ($0.64) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were given a dividend of $0.03 per share. The ex-dividend date was Wednesday, August 10th. This represents a $0.12 annualized dividend and a dividend yield of 0.17%. EQT Corp.’s dividend payout ratio is currently -5.66%.
In related news, SVP Randall L. Crawford sold 4,981 shares of EQT Corp. stock in a transaction on Thursday, June 30th. The stock was sold at an average price of C$77.21, for a total value of C$384,583.01. Following the completion of the transaction, the senior vice president now directly owns 90,723 shares in the company, valued at C$7,004,722.83. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EQT. Oakbrook Investments LLC raised its position in EQT Corp. by 25.2% in the second quarter. Oakbrook Investments LLC now owns 11,415 shares of the company’s stock worth $884,000 after buying an additional 2,300 shares during the period. Thomas White International Ltd. bought a new position in EQT Corp. during the first quarter worth about $632,000. Legal & General Group Plc raised its position in EQT Corp. by 7.4% in the first quarter. Legal & General Group Plc now owns 653,976 shares of the company’s stock worth $43,984,000 after buying an additional 45,037 shares during the period. Cleararc Capital Inc. bought a new position in EQT Corp. during the first quarter worth about $263,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in EQT Corp. by 75.8% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 19,250 shares of the company’s stock worth $1,491,000 after buying an additional 8,300 shares during the period. Hedge funds and other institutional investors own 87.74% of the company’s stock.
About EQT Corp.
EQT Corporation (EQT) is an energy company. The Company operates through two business segments: EQT Production and EQT Midstream. EQT Production is a natural gas producer in the Appalachian Basin with over 10 trillion cubic feet equivalent (Tcfe) of natural gas, natural gas liquid (NGL) and crude oil reserves across approximately 3.4 million acres, including approximately 630,000 gross acres in the Marcellus play.
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