Hennessy Advisors Inc. lessened its holdings in EQT Corporation (NYSE:EQT – Free Report) by 32.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 285,232 shares of the oil and gas producer’s stock after selling 138,468 shares during the quarter. Hennessy Advisors Inc.’s holdings in EQT were worth $15,166,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in EQT in the 2nd quarter worth about $3,204,125,000. Bank of New York Mellon Corp purchased a new position in EQT during the 2nd quarter valued at about $512,148,000. Wellington Management Group LLP grew its stake in EQT by 41.4% during the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock valued at $1,199,807,000 after acquiring an additional 6,603,286 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of EQT in the 2nd quarter valued at about $163,705,000. Finally, Legal & General Group Plc acquired a new position in shares of EQT in the 2nd quarter valued at about $127,420,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently commented on EQT shares. UBS Group decreased their price target on shares of EQT from $74.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Citigroup cut their target price on shares of EQT from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. Truist Financial decreased their target price on shares of EQT from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Sanford C. Bernstein restated an “outperform” rating on shares of EQT in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. cut their price objective on EQT from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.10.
EQT Stock Performance
Shares of EQT opened at $54.56 on Friday. The firm has a market cap of $34.13 billion, a price-to-earnings ratio of 12.66 and a beta of 0.58. The company’s fifty day moving average is $52.33 and its 200-day moving average is $56.40. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24.
EQT (NYSE:EQT – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The firm’s revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 EPS. Equities analysts expect that EQT Corporation will post 3.96 EPS for the current fiscal year.
EQT Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be given a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s payout ratio is currently 15.31%.
Insider Activity
In other news, CEO Toby Z. Rice sold 175,328 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the sale, the chief executive officer owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. This represents a 7.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 274,042 shares of company stock worth $15,005,076. Corporate insiders own 0.72% of the company’s stock.
About EQT
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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