EQT (NYSE:EQT) Shares Gap Down to $24.66

EQT Co. (NYSE:EQT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $24.66, but opened at $24.00. EQT shares last traded at $24.59, with a volume of 34,569 shares traded.

A number of brokerages have commented on EQT. Truist decreased their price target on EQT from $34.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday. Mizuho lifted their price target on EQT from $29.00 to $35.00 and gave the stock a “buy” rating in a research note on Monday, October 18th. JPMorgan Chase & Co. raised EQT from a “neutral” rating to an “overweight” rating and set a $31.00 target price on the stock in a research note on Friday, October 29th. They noted that the move was a valuation call. Morgan Stanley raised EQT from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $24.00 to $31.00 in a research note on Friday, November 19th. Finally, Truist Securities reduced their target price on EQT from $34.00 to $31.00 and set a “buy” rating on the stock in a research note on Friday. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $27.91.

The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $8.99 billion, a P/E ratio of -2.70, a price-to-earnings-growth ratio of 0.37 and a beta of 1.13. The company has a 50-day moving average of $21.35 and a two-hundred day moving average of $20.33.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, October 26th. The oil and gas producer reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.17. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. As a group, equities analysts expect that EQT Co. will post 1.03 EPS for the current fiscal year.

EQT announced that its board has approved a stock buyback program on Monday, December 13th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas producer to repurchase up to 13.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional investors have recently added to or reduced their stakes in the business. Dark Forest Capital Management LP boosted its holdings in EQT by 1,602.0% in the third quarter. Dark Forest Capital Management LP now owns 2,502 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 2,355 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in EQT in the second quarter worth $104,000. Fifth Third Bancorp boosted its holdings in EQT by 6,854.3% in the third quarter. Fifth Third Bancorp now owns 4,868 shares of the oil and gas producer’s stock worth $100,000 after acquiring an additional 4,798 shares in the last quarter. JFS Wealth Advisors LLC boosted its holdings in EQT by 165.0% in the third quarter. JFS Wealth Advisors LLC now owns 4,987 shares of the oil and gas producer’s stock worth $102,000 after acquiring an additional 3,105 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in EQT by 11.5% in the second quarter. Rockefeller Capital Management L.P. now owns 5,529 shares of the oil and gas producer’s stock worth $122,000 after acquiring an additional 571 shares in the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

EQT Company Profile (NYSE:EQT)

EQT Corp. engages in natural gas production, gathering and transmission in the Appalachian area. It has operations in Marcellus and Utica Shales of the Appalachian Basin. The company was founded in 1888 and is headquartered in Pittsburgh, PA.

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