EQT (NYSE:EQT) Reaches New 12-Month High – Here’s Why

EQT Co. (NYSE:EQT) shares reached a new 52-week high on Wednesday . The stock traded as high as $51.21 and last traded at $50.62, with a volume of 7395821 shares changing hands. The stock had previously closed at $50.08.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of EQT from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $49.00 price target on shares of EQT in a report on Monday, January 6th. Citigroup upped their price objective on EQT from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, December 6th. StockNews.com raised EQT to a “sell” rating in a research report on Monday, December 30th. Finally, Truist Financial upped their price target on EQT from $41.00 to $56.00 and gave the company a “hold” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, EQT currently has a consensus rating of “Moderate Buy” and an average price target of $49.94.

EQT Stock Performance

The business’s fifty day moving average price is $45.33 and its 200-day moving average price is $38.55. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.51 and a quick ratio of 0.51. The stock has a market capitalization of $32.13 billion, a PE ratio of 64.12 and a beta of 1.12.

EQT (NYSE:EQT) last posted its earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.35 billion. EQT had a net margin of 5.52% and a return on equity of 3.74%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 EPS. As a group, equities research analysts expect that EQT Co. will post 1.44 EPS for the current year.

Insider Activity at EQT

In related news, Director Thomas F. Karam sold 30,154 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $44.83, for a total value of $1,351,803.82. Following the transaction, the director now directly owns 201,608 shares in the company, valued at approximately $9,038,086.64. This represents a 13.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.63% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EQT

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its position in shares of EQT by 38.7% during the 3rd quarter. Wellington Management Group LLP now owns 74,153,050 shares of the oil and gas producer’s stock valued at $2,716,968,000 after buying an additional 20,700,921 shares in the last quarter. State Street Corp raised its position in EQT by 24.5% during the third quarter. State Street Corp now owns 37,095,597 shares of the oil and gas producer’s stock valued at $1,359,183,000 after purchasing an additional 7,290,822 shares in the last quarter. Modera Wealth Management LLC bought a new stake in EQT during the third quarter worth about $562,494,000. Geode Capital Management LLC boosted its holdings in shares of EQT by 34.4% in the 3rd quarter. Geode Capital Management LLC now owns 13,997,574 shares of the oil and gas producer’s stock worth $511,159,000 after purchasing an additional 3,582,418 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of EQT by 2.9% during the 2nd quarter. Clearbridge Investments LLC now owns 9,084,686 shares of the oil and gas producer’s stock valued at $335,952,000 after purchasing an additional 253,186 shares during the last quarter. Hedge funds and other institutional investors 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.