EQT GP (EQGP) Upgraded to “Overweight” at J P Morgan Chase & Co

J P Morgan Chase & Co upgraded shares of EQT GP (NYSE:EQGP) from a neutral rating to an overweight rating in a research note released on Thursday morning. J P Morgan Chase & Co currently has $31.00 target price on the oil and gas company’s stock.

Other equities analysts also recently issued research reports about the stock. Seaport Global Securities assumed coverage on shares of EQT GP in a research note on Tuesday, October 10th. They set a buy rating and a $37.00 target price for the company. Zacks Investment Research raised shares of EQT GP from a hold rating to a buy rating and set a $31.00 target price for the company in a research note on Monday, October 30th. Scotiabank reissued a hold rating and set a $32.00 target price on shares of EQT GP in a research note on Wednesday, October 4th. Stifel Nicolaus reissued a hold rating and set a $28.00 target price on shares of EQT GP in a research note on Friday, September 1st. Finally, Royal Bank of Canada reissued a buy rating and set a $37.00 target price on shares of EQT GP in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. EQT GP currently has a consensus rating of Buy and an average target price of $32.44.

EQT GP (NYSE:EQGP) traded down $0.13 during mid-day trading on Thursday, hitting $26.15. 60,300 shares of the stock traded hands, compared to its average volume of 103,078. The company has a market capitalization of $6,944.25, a P/E ratio of 27.75, a P/E/G ratio of 1.44 and a beta of 1.19. EQT GP has a 12-month low of $23.08 and a 12-month high of $31.76. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.89 and a quick ratio of 0.89.

EQT GP (NYSE:EQGP) last released its quarterly earnings results on Thursday, October 26th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.01. EQT GP had a net margin of 30.98% and a return on equity of 12.14%. The firm had revenue of $207.19 million during the quarter. sell-side analysts expect that EQT GP will post 1.01 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 22nd. Shareholders of record on Friday, November 3rd were issued a $0.228 dividend. This represents a $0.91 dividend on an annualized basis and a yield of 3.49%. This is a boost from EQT GP’s previous quarterly dividend of $0.21. The ex-dividend date was Thursday, November 2nd. EQT GP’s dividend payout ratio (DPR) is presently 96.81%.

A number of large investors have recently bought and sold shares of the business. Wells Fargo & Company MN grew its holdings in EQT GP by 10.7% in the third quarter. Wells Fargo & Company MN now owns 105,815 shares of the oil and gas company’s stock worth $3,064,000 after purchasing an additional 10,250 shares during the period. Cadence Capital Management LLC acquired a new stake in EQT GP in the third quarter worth $1,182,000. JPMorgan Chase & Co. grew its holdings in EQT GP by 112.4% in the third quarter. JPMorgan Chase & Co. now owns 9,928 shares of the oil and gas company’s stock worth $287,000 after purchasing an additional 5,253 shares during the period. ING Groep NV grew its holdings in EQT GP by 82.0% in the third quarter. ING Groep NV now owns 546,000 shares of the oil and gas company’s stock worth $15,812,000 after purchasing an additional 246,000 shares during the period. Finally, Catalyst Capital Advisors LLC grew its holdings in EQT GP by 8.7% in the third quarter. Catalyst Capital Advisors LLC now owns 27,482 shares of the oil and gas company’s stock worth $796,000 after purchasing an additional 2,200 shares during the period. Institutional investors and hedge funds own 10.19% of the company’s stock.

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About EQT GP

EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company was formed to own EQT Corporation’s (EQT’s) partnership interests in EQT Midstream Partners, LP (EQM), a limited partnership formed by EQT to own, operate, acquire and develop midstream assets in the Appalachian Basin.

Analyst Recommendations for EQT GP (NYSE:EQGP)

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