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

EQT (NYSE:EQT) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. They presently have a $37.00 price objective on the oil and gas producer’s stock, down from their prior price objective of $48.00. Wells Fargo & Company‘s target price indicates a potential upside of 1.90% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Jefferies Financial Group increased their price target on shares of EQT from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Friday, April 5th. The Goldman Sachs Group decreased their price objective on shares of EQT from $48.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. 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 report on Thursday, March 7th. 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 report on Tuesday. Finally, 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 report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $43.13.

EQT Stock Performance

EQT stock traded up $0.11 during mid-day trading on Wednesday, reaching $36.31. 4,097,848 shares of the company traded hands, compared to its average volume of 6,415,925. The company has a market capitalization of $15.99 billion, a price-to-earnings ratio of 8.63 and a beta of 1.12. EQT has a fifty-two week low of $30.84 and a fifty-two week high of $45.23. The firm’s fifty day moving average is $35.81 and its two-hundred day moving average is $38.11. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, February 13th. The oil and gas producer reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.01. EQT had a net margin of 25.12% and a return on equity of 7.12%. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the business earned $0.42 earnings per share. The business’s quarterly revenue was up 17.6% compared to the same quarter last year. On average, equities research analysts expect that EQT will post 1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Private Wealth Management Group LLC acquired a new position in EQT during the 4th quarter worth approximately $30,000. Laurel Wealth Advisors LLC acquired a new position in EQT during the 2nd quarter worth approximately $33,000. Tyler Stone Wealth Management acquired a new position in EQT during the 2nd quarter worth approximately $40,000. Clearstead Advisors LLC acquired a new position in EQT during the 3rd quarter worth approximately $41,000. Finally, BKM Wealth Management LLC acquired a new position in EQT during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds 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.