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EQT Corporation (NYSE: EQT) Stock Forecast 2023: Profitable With Bullish Signals

In the last trading session, 4.72 million shares of the EQT Corporation (NYSE:EQT) were traded, and its beta was 1.17. Most recently the company’s share price was $35.85, and it changed around -$0.46 or -1.27% from the last close, which brings the market valuation of the company to $13.18B. EQT currently trades at a discount to its 52-week high of $51.97, offering almost -44.97% off that amount. The share price’s 52-week low was $28.10, which indicates that the current value has risen by an impressive 21.62% since then. We note from EQT Corporation’s average daily trading volume that its 10-day average is 7.13 million shares, with the 3-month average coming to 6.53 million.

EQT Corporation stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.20. If we narrow it down even further, the data shows that 0 out of 26 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 8 recommended EQT as a Hold, whereas 16 deemed it a Buy, and 0 rated it as Underweight. EQT Corporation is expected to report earnings per share of $0.06 for the current quarter.

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EQT Corporation (NYSE:EQT) trade information

Instantly EQT has showed a red trend with a performance of -1.27% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 37.50 on Tuesday, 05/23/23 increased the stock’s daily price by 4.4%. The company’s shares are currently up 5.97% year-to-date, but still up 2.99% over the last five days. On the other hand, EQT Corporation (NYSE:EQT) is 9.50% up in the 30-day period. We can see from the shorts that 17.62 million shares have been sold at a short interest cover period of 3.06 day(s).

The consensus price target as assigned by Wall Street analysts is $44.25, which translates to bulls needing to increase their stock price by 18.98% from its current value. Analyst projections state that EQT is forecast to be at a low of $35.00 and a high of $60.00. In order for the stock price to hit the forecast high, the stock would need to plunge -67.36% from its current level, while the stock would need to crash 2.37% from its current level to reach the projected low.

EQT Corporation (EQT) estimates and forecasts

EQT Corporation share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -12.62 percent over the past six months and at a -12.22% annual growth rate that is well above the industry average of -24.30%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -92.80% in revenue this quarter, and will report a decrease of -71.20% in the next quarter. The year-over-year growth rate is expected to be -44.10%, down from the previous year.

Consensus estimates provided by 11 financial analysts predict the company will bring in an average of $1.19 billion in revenue for the current quarter. 11 analysts expect EQT Corporation to make $1.53 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $1.61 billion and $1.76 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -25.90%. Forecasts for the next quarter put sales growth at -12.60%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 47.00%. EQT Corporation earnings are expected to increase by 223.20% in 2023, but the outlook is positive 29.11% per year for the next five years.

EQT Dividends

EQT Corporation’s next quarterly earnings report is expected to be released around July 25 and July 31. The annual dividend yield of the stock is 1.67 percent and its annual dividend per share was 0.60. It is important to note, however, that the 1.67% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

EQT Corporation (NYSE:EQT)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.79% of EQT Corporation shares, and 97.94% of them are in the hands of institutional investors. The stock currently has a share float of 98.72%. EQT Corporation stock is held by 868 institutions, with Blackrock Inc. being the largest institutional investor. By Mar 30, 2023, it held 13.09% of the shares, which is about 47.34 million shares worth $1.51 billion.

Vanguard Group, Inc. (The), with 10.71% or 38.72 million shares worth $1.24 billion as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

American Balanced Fund and Select Sector SPDR Fund-Energy Select were the top two Mutual Funds as of Mar 30, 2023. The former held 11.45 million shares worth $365.37 million, making up 3.18% of all outstanding shares. On the other hand, Select Sector SPDR Fund-Energy Select held roughly 10.71 million shares worth around $355.25 million, which represents about 2.97% of the total shares outstanding.

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