Wealthfront Advisers LLC bought a new position in EQT Corporation (NYSE:EQT – Free Report) during the second quarter, HoldingsChannel.com reports. The fund bought 49,375 shares of the oil and gas producer’s stock, valued at approximately $2,625,000.
Several other institutional investors and hedge funds have also made changes to their positions in EQT. BlackRock Inc. purchased a new stake in shares of EQT during the second quarter valued at $3,204,125,000. Bank of New York Mellon Corp purchased a new position in EQT in the 2nd quarter worth about $512,148,000. Deutsche Bank AG purchased a new position in EQT in the 2nd quarter worth about $119,461,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in EQT during the 2nd quarter valued at about $110,177,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in EQT during the 2nd quarter valued at about $78,630,000. 90.81% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the stock. UBS Group dropped their target price on shares of EQT from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Jefferies Financial Group decreased their price target on shares of EQT from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. BMO Capital Markets lowered their price target on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Freedom Capital raised EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen downgraded EQT from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, EQT has an average rating of “Moderate Buy” and an average target price of $68.64.
Insider Buying and Selling
In other EQT news, CEO Toby Z. Rice sold 175,328 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.03, for a total value of $9,648,299.84. Following the completion of the transaction, the chief executive officer directly owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,042 shares of company stock valued at $15,005,076 in the last ninety days. Insiders own 0.72% of the company’s stock.
EQT Stock Up 0.5%
Shares of NYSE EQT opened at $53.92 on Friday. EQT Corporation has a 12-month low of $47.94 and a 12-month high of $68.24. The stock’s fifty day simple moving average is $51.95 and its two-hundred day simple moving average is $56.47. The stock has a market capitalization of $33.73 billion, a PE ratio of 12.51 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19.
EQT (NYSE:EQT – Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.The company’s revenue was down 29.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, analysts expect that EQT Corporation will post 4.06 EPS for the current fiscal year.
EQT Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, August 5th. EQT’s payout ratio is 15.31%.
EQT News Roundup
Here are the key news stories impacting EQT this week:
- Positive Sentiment: Morgan Stanley maintains an overweight rating: The firm lowered its price target modestly from $68 to $67, still implying substantial upside from recent trading levels. The target reduction is mildly negative, but the continued overweight rating supports the broader bullish analyst consensus. Benzinga report
- Positive Sentiment: Dividend provides support: EQT recently declared a quarterly dividend of $0.165 per share, or $0.66 annualized, representing an approximately 1.2% yield. Its low payout ratio of about 15% suggests room to maintain the distribution, assuming natural-gas cash flow remains healthy. EQT stock information
- Neutral Sentiment: Analyst expectations remain favorable but have eased: EQT carries a consensus “Moderate Buy” rating and an average price target near $68.48, while several firms have recently trimmed their targets. The stock remains below its 200-day moving average, indicating that investors are still cautious about the natural-gas outlook.
- Neutral Sentiment: Unrelated EQT-branded transactions: EQT Real Estate reportedly agreed to acquire a $1.2 billion Southern California industrial portfolio, while EQT AB acquired a majority stake in Australia’s Melbourne Storm and is considering asset sales in Vietnam. These transactions involve separate businesses and have no direct financial impact on EQT Corporation (NYSE: EQT). Rexford portfolio report
- Negative Sentiment: Recent earnings were below expectations: EQT’s latest quarterly EPS came in at $0.39 versus the $0.41 consensus, revenue declined 29.2% year over year to $1.68 billion, and revenue missed estimates. The results highlight sensitivity to weaker natural-gas prices and demand.
- Negative Sentiment: CEO share sale adds a modest overhang: CEO Toby Rice sold 175,328 shares worth approximately $9.65 million, reducing his direct stake by 7.51%. Because the transaction was executed under a pre-arranged Rule 10b5-1 plan, it is less concerning than discretionary selling but may still weigh on sentiment. SEC insider filing
EQT Company Profile
EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.
In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.
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