Zacks Investment Research Downgrades EQT GP Holdings LP (EQGP) to Hold
EQT GP Holdings LP (NYSE:EQGP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “EQT GP Holdings, LP is a limited partnership which is engaged in owning, operating, acquiring and developing midstream assets primarily in the Appalachian Basin through its subsidiaries. EQT GP Holdings, LP is based in Pittsburgh, Pennsylvania. “
Separately, Wolfe Research started coverage on shares of EQT GP Holdings in a research report on Friday, October 7th. They issued an “outperform” rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.25.
EQT GP Holdings (NYSE:EQGP) traded up 1.09% during trading on Tuesday, hitting $24.05. 78,271 shares of the company’s stock were exchanged. EQT GP Holdings has a 52-week low of $17.39 and a 52-week high of $27.74. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 32.02 and a beta of 1.33. The firm has a 50 day moving average price of $24.05 and a 200 day moving average price of $25.02.
EQT GP Holdings (NYSE:EQGP) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. The business earned $170.80 million during the quarter, compared to analyst estimates of $144.61 million. EQT GP Holdings had a net margin of 29.00% and a return on equity of 11.41%. The company’s revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. On average, equities research analysts predict that EQT GP Holdings will post $0.78 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Shareholders of record on Friday, November 4th were given a dividend of $0.165 per share. The ex-dividend date was Wednesday, November 2nd. This represents a $0.66 annualized dividend and a yield of 2.74%. This is a positive change from EQT GP Holdings’s previous quarterly dividend of $0.15. EQT GP Holdings’s dividend payout ratio (DPR) is 88.00%.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Duff & Phelps Investment Management Co. raised its position in EQT GP Holdings by 18.8% in the second quarter. Duff & Phelps Investment Management Co. now owns 319,000 shares of the company’s stock valued at $8,131,000 after buying an additional 50,400 shares during the period. BNP Paribas Arbitrage SA raised its position in EQT GP Holdings by 2.7% in the second quarter. BNP Paribas Arbitrage SA now owns 43,593 shares of the company’s stock valued at $1,111,000 after buying an additional 1,145 shares during the period. Bank of Montreal Can acquired a new position in EQT GP Holdings during the second quarter valued at approximately $2,476,000. Catalyst Capital Advisors LLC raised its position in EQT GP Holdings by 45.5% in the second quarter. Catalyst Capital Advisors LLC now owns 43,525 shares of the company’s stock valued at $1,109,000 after buying an additional 13,618 shares during the period. Finally, Neuberger Berman Group LLC raised its position in EQT GP Holdings by 41.7% in the third quarter. Neuberger Berman Group LLC now owns 3,569,523 shares of the company’s stock valued at $89,488,000 after buying an additional 1,049,686 shares during the period. Institutional investors and hedge funds own 9.89% of the company’s stock.
About EQT GP Holdings
EQT GP Holdings, LP (EQGP) is a limited partnership company and subsidiary of EQT Gathering Holdings, LLC (EQT Gathering Holdings). The Company is 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.
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