Morgan Stanley Reiterates “Overweight” Rating for EQT GP Holdings, LP (EQGP)
EQT GP Holdings, LP (NYSE:EQGP)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a report released on Friday. They currently have a $31.00 price objective on the oil and gas company’s stock, up from their prior price objective of $30.00. Morgan Stanley’s price objective would indicate a potential upside of 5.16% from the stock’s current price.
Several other research analysts also recently weighed in on EQGP. Royal Bank Of Canada restated a “buy” rating and issued a $36.00 price target on shares of EQT GP Holdings, in a research note on Thursday, April 13th. Scotiabank restated a “hold” rating and issued a $30.00 price target on shares of EQT GP Holdings, in a research note on Friday, March 24th. Finally, BidaskClub upgraded EQT GP Holdings, from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. EQT GP Holdings, currently has an average rating of “Hold” and an average price target of $32.60.
EQT GP Holdings, (NYSE:EQGP) traded up 1.22% during trading on Friday, hitting $29.84. 45,034 shares of the stock were exchanged. The company has a 50-day moving average price of $26.59 and a 200 day moving average price of $26.81. EQT GP Holdings, has a 1-year low of $21.45 and a 1-year high of $31.76. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 35.57 and a beta of 1.33.
EQT GP Holdings, (NYSE:EQGP) last released its earnings results on Thursday, April 27th. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The company had revenue of $203.40 million during the quarter, compared to analyst estimates of $201.54 million. EQT GP Holdings, had a net margin of 30.13% and a return on equity of 11.39%. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.19 EPS. Equities analysts predict that EQT GP Holdings, will post $0.90 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. acquired a new position in EQT GP Holdings, during the fourth quarter valued at $589,000. HITE Hedge Asset Management LLC acquired a new position in EQT GP Holdings, during the fourth quarter valued at $2,367,000. Hollencrest Securities LLC acquired a new position in EQT GP Holdings, during the first quarter valued at $208,000. Chickasaw Capital Management LLC increased its position in EQT GP Holdings, by 2.2% in the first quarter. Chickasaw Capital Management LLC now owns 3,361,427 shares of the oil and gas company’s stock valued at $92,036,000 after buying an additional 71,536 shares during the last quarter. Finally, Miller Howard Investments Inc. NY increased its position in EQT GP Holdings, by 0.4% in the first quarter. Miller Howard Investments Inc. NY now owns 79,268 shares of the oil and gas company’s stock valued at $2,170,000 after buying an additional 340 shares during the last quarter. Institutional investors and hedge funds own 10.87% of the company’s stock.
About EQT GP Holdings,
EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was formed to own EQT Corporation’s (EQT’s) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin.
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