183,195 Shares in EQT Corporation $EQT Acquired by Congress Asset Management Co.

Key Points

• Congress Asset Management acquired 183,195 EQT shares worth approximately $8.9 million during the third quarter. Institutional investors collectively own 90.81% of EQT.
• EQT’s CEO Toby Rice sold 175,328 shares for roughly $9.65 million under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 7.51%.
• Analysts maintain a “Moderate Buy” consensus with a $68.09 average price target, while EQT recently reported weaker-than-expected quarterly earnings and a 29.2% year-over-year revenue decline.

Congress Asset Management Co. acquired a new stake in shares of EQT Corporation (NYSE:EQT - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 183,195 shares of the oil and gas producer's stock, valued at approximately $8,896,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. bought a new position in EQT in the 2nd quarter valued at about $3,204,125,000. Bank of New York Mellon Corp acquired a new position in shares of EQT during the second quarter valued at approximately $512,148,000. Wellington Management Group LLP raised its holdings in 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 purchasing an additional 6,603,286 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in EQT during the second quarter worth approximately $163,705,000. Finally, Legal & General Group Plc acquired a new stake in EQT in the second quarter worth approximately $127,420,000. Institutional investors and hedge funds own 90.81% of the company's stock.

Insider Activity at EQT

In other news, CEO Toby Rice sold 175,328 shares of the firm's stock in a transaction on 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 sale, the chief executive officer owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on EQT. JPMorgan Chase & Co. lowered their target price on EQT from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, June 23rd. Stephens restated an "overweight" rating and set a $71.00 price objective on shares of EQT in a research report on Thursday, September 17th. Truist Financial dropped their target price on shares of EQT from $74.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Zacks Research raised shares of EQT from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 27th. Finally, Weiss Ratings cut shares of EQT from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $68.09.

EQT Trading Down 0.4%

NYSE EQT opened at $52.28 on Thursday. 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 Corporation has a 1-year low of $47.94 and a 1-year high of $68.24. The firm's fifty day simple moving average is $52.86 and its 200-day simple moving average is $54.74. The company has a market capitalization of $32.70 billion, a PE ratio of 12.13 and a beta of 0.66.

EQT (NYSE:EQT - Get Free Report) last posted its 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 business 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 business's revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, sell-side analysts anticipate that EQT Corporation will post 3.9 earnings per share for the current fiscal year.

EQT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th were given a $0.1650 dividend. This represents a $0.66 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, August 5th. EQT's payout ratio is currently 15.31%.

EQT Company Profile

EQT Corporation is a natural gas producer headquartered in Pittsburgh, Pennsylvania. The company explores for, develops, and produces natural gas, natural gas liquids, and crude oil, with its operations concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations.

In addition to its upstream production activities, EQT has interests in the midstream infrastructure used to gather, process, transport, and store natural gas. These assets support the movement of production from well sites to regional and interstate markets.

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