Zacks Investment Research Lowers EQT (EQT) to Sell

EQT (NYSE:EQT) was downgraded by Zacks Investment Research 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.”

A number of other brokerages have also issued reports on EQT. Stifel Nicolaus restated a “buy” rating and set a $87.00 price target on shares of EQT in a research note on Thursday, September 14th. BMO Capital Markets reiterated a “buy” rating and issued a $75.00 price objective on shares of EQT in a research note on Tuesday, November 14th. Seaport Global Securities upgraded shares of EQT from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $57.00 to $79.00 in a research note on Tuesday, September 26th. Scotiabank reiterated an “average” rating and issued a $79.00 price objective on shares of EQT in a research note on Wednesday, October 4th. Finally, Royal Bank of Canada set a $79.00 price objective on shares of EQT and gave the stock a “hold” rating in a research note on Saturday, October 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $76.75.

Shares of EQT (NYSE EQT) traded down $0.24 during trading on Tuesday, reaching $58.46. 3,119,905 shares of the company’s stock were exchanged, compared to its average volume of 2,949,127. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.60 and a quick ratio of 0.60. EQT has a twelve month low of $49.63 and a twelve month high of $67.84. The firm has a market cap of $10,203.94, a price-to-earnings ratio of 278.39, a price-to-earnings-growth ratio of 2.63 and a beta of 0.76.

EQT (NYSE:EQT) last issued its quarterly earnings results on Thursday, October 26th. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.17. EQT had a net margin of 1.39% and a return on equity of 1.61%. The business had revenue of $660.30 million for the quarter, compared to analyst estimates of $667.05 million. During the same quarter in the prior year, the business posted ($0.26) EPS. EQT’s revenue for the quarter was up 18.6% compared to the same quarter last year. equities research analysts anticipate that EQT will post 0.86 EPS for the current fiscal year.

In related news, Chairman David L. Porges sold 53,760 shares of the firm’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $59.14, for a total transaction of $3,179,366.40. Following the sale, the chairman now owns 438,601 shares in the company, valued at $25,938,863.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Thomas F. Karam purchased 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were purchased at an average price of $59.26 per share, for a total transaction of $592,600.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $1,185,200. The disclosure for this purchase can be found here. 1.00% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in EQT. Aureus Asset Management LLC acquired a new stake in EQT during the second quarter valued at $205,000. Pinebridge Investments L.P. acquired a new stake in EQT during the second quarter valued at $212,000. Zeke Capital Advisors LLC acquired a new stake in EQT during the third quarter valued at $212,000. D.A. Davidson & CO. grew its position in EQT by 14.2% during the second quarter. D.A. Davidson & CO. now owns 5,801 shares of the oil and gas producer’s stock valued at $339,000 after buying an additional 721 shares during the period. Finally, SG Americas Securities LLC grew its position in EQT by 83.3% during the third quarter. SG Americas Securities LLC now owns 11,763 shares of the oil and gas producer’s stock valued at $767,000 after buying an additional 5,347 shares during the period. Institutional investors own 90.54% of the company’s stock.

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About EQT

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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