Zacks Investment Research Lowers EQT (EQT) to Sell
Zacks Investment Research downgraded shares of EQT (NYSE:EQT) from a hold rating to a sell rating in a report released on Tuesday.
According to Zacks, “EQT Corporation’s pricing chart is unimpressive and reflects weaknesses over the period of last six months. The company lost 2%, underperforming the industry’s 21.1% increase. Prolonged weakness in natural gas prices are expected to further hamper financials for the company. Eventually the company is paying dividend yield much lesser than industry. EQT is also facing pressure on top line. Over the past three years (2014–2016), total revenues declined at a CAGR of 19.3%. During first nine months of 2017, EQT’s expenses related to transportation and processing activities surged more than 61%. If the trend continues, the company’s revenues might get affected. Additionally, lack of geographical diversification also raises EQT Corporation’s risk profile. As such, we remain concerned about the company’s near-term prospects.”
Several other research analysts also recently issued reports on EQT. ValuEngine downgraded EQT from a hold rating to a sell rating in a research note on Sunday, December 31st. Seaport Global Securities raised EQT from a neutral rating to a buy rating and upped their price objective for the company from $57.00 to $79.00 in a research note on Tuesday, September 26th. Cowen reissued a buy rating and set a $80.00 target price on shares of EQT in a research report on Tuesday, September 12th. Jefferies Group set a $62.00 target price on shares of EQT and gave the company a hold rating in a research report on Wednesday, December 20th. Finally, Scotiabank reissued an average rating and set a $79.00 target price on shares of EQT in a research report on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $76.75.
EQT (NYSE:EQT) last released its quarterly earnings data on Thursday, October 26th. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.17. EQT had a return on equity of 1.61% and a net margin of 1.39%. The company had revenue of $660.30 million during the quarter, compared to the consensus estimate of $667.05 million. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. The firm’s revenue was up 18.6% compared to the same quarter last year. equities research analysts predict that EQT will post 0.86 EPS for the current fiscal year.
In other EQT news, Director Thomas F. Karam purchased 10,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The shares were purchased at an average cost of $59.26 per share, for a total transaction of $592,600.00. Following the acquisition, the director now owns 20,000 shares of the company’s stock, valued at $1,185,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman David L. Porges sold 53,760 shares of the stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $59.14, for a total value of $3,179,366.40. Following the transaction, the chairman now owns 438,601 shares in the company, valued at $25,938,863.14. The disclosure for this sale can be found here. Corporate insiders own 1.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of EQT. Amalgamated Bank boosted its holdings in shares of EQT by 68.8% during the 2nd quarter. Amalgamated Bank now owns 18,031 shares of the oil and gas producer’s stock worth $1,056,000 after buying an additional 7,346 shares in the last quarter. UBS Asset Management Americas Inc. boosted its holdings in shares of EQT by 8.9% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 474,265 shares of the oil and gas producer’s stock worth $27,787,000 after buying an additional 38,836 shares in the last quarter. Pinebridge Investments L.P. bought a new position in shares of EQT during the 2nd quarter worth approximately $212,000. D.A. Davidson & CO. boosted its holdings in shares of EQT by 14.2% during the 2nd quarter. D.A. Davidson & CO. now owns 5,801 shares of the oil and gas producer’s stock worth $339,000 after buying an additional 721 shares in the last quarter. Finally, Aureus Asset Management LLC bought a new position in shares of EQT during the 2nd quarter worth approximately $205,000. Hedge funds and other institutional investors own 90.54% of the company’s stock.
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EQT Company Profile
EQT Corporation is a natural gas company. The Company operates through three segments: EQT Production, EQT Gathering and EQT Transmission. The EQT Production segment includes its exploration for, and development and production of, natural gas, natural gas liquids and a limited amount of crude oil, primarily in the Appalachian Basin.
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