EQT Corporation (NYSE:EQT) reached a new 52-week high during trading on October 21, 2023, climbing to $61.36 before closing at $61.22. This marks a significant increase from its previous closing price of $58.60, with a trading volume of approximately 4.7 million shares. The surge follows a series of updated price targets by several financial analysts, indicating a strong market interest in the company.
Analysts Revise Price Targets
Recent research reports have led to adjustments in price targets for EQT. On October 23, Wells Fargo & Company revised their target from $68.00 to $66.00, maintaining an “overweight” rating. Melius Research initiated coverage of EQT on August 20, issuing a “buy” rating with a price target of $64.00. UBS Group also increased their target from $65.00 to $67.00, affirming a “buy” rating. Citigroup followed suit, raising their target from $60.00 to $63.00 and assigning a “buy” rating as well.
Currently, eighteen equity research analysts have rated EQT as a “Buy,” while seven have issued a “Hold” rating. According to data from MarketBeat.com, the stock carries an average rating of “Moderate Buy” with an average target price of $63.65.
Quarterly Performance and Dividend Increase
EQT’s recent earnings report highlighted a positive financial trajectory. The company announced earnings per share (EPS) of $0.52, surpassing analysts’ expectations of $0.50. Revenue for the quarter reached $1.75 billion, slightly below the expected $1.78 billion but reflecting a year-over-year increase of 52.6%. The company’s net margin stood at 22.59%, with a return on equity of 6.88%. These results demonstrate solid growth compared to the same quarter last year, when EQT reported an EPS of $0.12.
Additionally, EQT declared a quarterly dividend of $0.165 per share, which was paid on December 1, 2023. This marks an increase from the previous dividend of $0.16 and reflects an annualized dividend of $0.66, yielding approximately 1.1%. The company’s dividend payout ratio is reported at 22.60%, indicating a balanced approach to returning value to shareholders.
Insider transactions also caught attention when Executive Vice President J.E.B. Bolen sold 1,422 shares at an average price of $52.79 on October 28. This transaction reduced his ownership to 69,486 shares, valued at approximately $3.67 million.
Institutional Investor Activity
Recent changes in institutional investments have further influenced EQT’s market position. Avantax Advisory Services Inc. increased its stake in the company by 4.3%, now holding 10,389 shares valued at $555,000. LPL Financial LLC raised its position by 12.7%, owning 323,295 shares worth approximately $17.27 million. Notably, Federated Hermes Inc. significantly boosted its holdings by nearly 4,000%, acquiring 2,622 shares valued at $140,000.
Overall, 90.81% of EQT’s stock is currently owned by institutional investors and hedge funds, reflecting strong confidence in the company’s future performance.
EQT Corporation continues to operate as a leading natural gas production company in the United States, primarily selling natural gas and liquids through pipelines in the Appalachian Basin. As the market continues to respond positively to EQT’s performance and strategic initiatives, investors are keenly observing its trajectory in the evolving energy sector.
