1832 Asset Management L.P. Acquires 232,687 Shares of EQT Corporation $EQT

Key Points

• 1832 Asset Management L.P. increased its holdings in EQT Corporation by 12.5%, acquiring an additional 232,687 shares, bringing its total to 2,099,964 shares valued at approximately $112.2 million.
• Institutional investors now hold 90.81% of EQT's stock, with significant increases from firms like Castle Hook Partners LP, which boosted its position by 199.5%.
• EQT reported a missed earnings estimate for the last quarter, with earnings per share at $0.45 versus the expected $0.52, and revenues of $1.60 billion against a forecast of $1.78 billion.

1832 Asset Management L.P. lifted its holdings in EQT Corporation (NYSE:EQT - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,099,964 shares of the oil and gas producer's stock after acquiring an additional 232,687 shares during the period. 1832 Asset Management L.P. owned approximately 0.35% of EQT worth $112,201,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Zions Bancorporation National Association UT bought a new position in shares of EQT in the 1st quarter worth about $35,000. Harbour Investments Inc. raised its position in shares of EQT by 48.4% in the 1st quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer's stock worth $37,000 after acquiring an additional 226 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its position in EQT by 47.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 960 shares of the oil and gas producer's stock valued at $44,000 after buying an additional 310 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in EQT in the 4th quarter valued at about $55,000. Finally, Colonial Trust Co SC increased its position in EQT by 255.5% in the 4th quarter. Colonial Trust Co SC now owns 1,422 shares of the oil and gas producer's stock valued at $66,000 after buying an additional 1,022 shares in the last quarter. 90.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EQT. Roth Capital lowered EQT from a "strong-buy" rating to a "neutral" rating and decreased their target price for the company from $75.00 to $57.00 in a research report on Monday, August 18th. Piper Sandler boosted their target price on EQT from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Barclays boosted their target price on EQT from $65.00 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Scotiabank boosted their target price on EQT from $66.00 to $68.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 13th. Finally, Wells Fargo & Company boosted their target price on EQT from $59.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.14.

EQT Stock Down 0.3%

EQT stock traded down $0.1340 during mid-day trading on Friday, reaching $51.9160. 4,768,066 shares of the company traded hands, compared to its average volume of 7,190,374. The stock has a market cap of $32.40 billion, a price-to-earnings ratio of 28.06, a P/E/G ratio of 0.38 and a beta of 0.59. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.32. EQT Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $61.02. The firm's 50 day moving average price is $54.91 and its 200 day moving average price is $53.14.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). EQT had a net margin of 15.87% and a return on equity of 6.24%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the firm posted ($0.08) EPS. As a group, equities research analysts predict that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th will be issued a $0.1575 dividend. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $0.63 annualized dividend and a dividend yield of 1.2%. EQT's dividend payout ratio is currently 34.05%.

Insider Activity at EQT

In other news, EVP Sarah Fenton sold 12,438 shares of the company's stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $51.94, for a total value of $646,029.72. Following the completion of the transaction, the executive vice president directly owned 13,297 shares of the company's stock, valued at $690,646.18. This represents a 48.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Vicky A. Bailey sold 4,259 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total value of $219,594.04. The disclosure for this sale can be found here. Corporate insiders own 0.65% of the company's stock.

EQT Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.