121,964 EQT Corporation $EQT Shares Acquired by Canoe Financial LP

Canoe Financial LP boosted its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 3.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,142,822 shares of the oil and gas producer's stock after purchasing an additional 121,964 shares during the quarter. EQT makes up approximately 2.5% of Canoe Financial LP's holdings, making the stock its 8th largest position. Canoe Financial LP owned approximately 0.66% of EQT worth $206,136,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in EQT in the second quarter valued at $3,204,125,000. State Street Corp grew its position in shares of EQT by 3.7% during the second quarter. State Street Corp now owns 39,679,249 shares of the oil and gas producer's stock worth $2,109,746,000 after acquiring an additional 1,398,316 shares during the last quarter. Wellington Management Group LLP grew its position in shares of EQT by 41.4% during the second quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer's stock worth $1,199,807,000 after acquiring an additional 6,603,286 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of EQT during the second quarter worth about $512,148,000. Finally, Bank of America Corp DE increased its holdings in shares of EQT by 7.2% in the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer's stock worth $225,478,000 after acquiring an additional 284,244 shares during the period. 90.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Toby Rice sold 175,328 shares of EQT stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the transaction, the chief executive officer owned 2,157,865 shares of the company's stock, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company's stock.

EQT Price Performance

Shares of NYSE EQT opened at $54.04 on Thursday. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $53.00 and a two-hundred day moving average of $53.96. The company has a market capitalization of $33.80 billion, a price-to-earnings ratio of 12.54 and a beta of 0.66.

EQT (NYSE:EQT - Get Free Report) last released its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The firm's revenue for the quarter was down 29.2% compared to the same quarter last year. As a group, analysts expect that EQT Corporation will post 3.93 earnings per share for the current fiscal year.

EQT Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Wednesday, November 4th will be issued a dividend of $0.17 per share. This is a positive change from EQT's previous quarterly dividend of $0.1650. This represents a $0.68 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, November 4th. EQT's dividend payout ratio (DPR) is currently 15.78%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on EQT shares. UBS Group cut their price objective on shares of EQT from $77.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday, October 15th. Barclays cut their price target on EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Sanford C. Bernstein reiterated an "outperform" rating on shares of EQT in a research report on Thursday, July 30th. Scotiabank began coverage on EQT in a research report on Wednesday, October 14th. They set a "sector perform" rating and a $54.00 price objective for the company. Finally, Truist Financial decreased their price objective on EQT from $74.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $67.64.

EQT News Summary

Here are the key news stories impacting EQT this week:

• Neutral Sentiment: EQT Private Equity agreed to acquire molecular-diagnostics company QIAGEN in an all-cash offer of €46.50 per share, valuing the target at approximately €10.8 billion. The transaction is being conducted through EQT XI and does not represent an acquisition by EQT Corporation. QIAGEN and EQT Private Equity takeover announcement
• Neutral Sentiment: Additional reports describe the QIAGEN transaction as a roughly $10.8 billion or €9.6 billion deal, reinforcing the scale of EQT’s private-equity activity but offering no direct earnings or balance-sheet impact for EQT Corporation. EQT acquires German diagnostics group
• Neutral Sentiment: An EQT fund led a $250 million financing for software company Pigment at a $2.3 billion valuation. This is another private-equity investment and is unrelated to EQT Corporation’s natural-gas operations. Pigment financing led by EQT fund
• Neutral Sentiment: Other headlines involving EQT’s life-sciences affiliate—including a board appointment at ONWARD Medical—and a reported potential acquisition of Cleanaway also concern EQT’s private-equity platform, not EQT Corporation. EQT Cleanaway acquisition report
• Negative Sentiment: The most relevant headline for EQT Corporation is an analyst preview warning that the company may report declining earnings and lacks the factors typically associated with an earnings beat. This adds pressure ahead of its results, particularly after the latest quarter missed consensus earnings and revenue estimates. EQT earnings expectations

About EQT

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.

EQT's operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.

The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.

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