193,845 Shares in EQT Corporation $EQT Purchased by Castleark Management LLC

Key Points

• Castleark Management acquired 193,845 shares of EQT Corporation worth approximately $10.3 million in the second quarter. Institutional investors now own 90.81% of EQT’s outstanding stock.
• EQT’s CEO Toby Z. Rice sold 175,328 shares for about $9.65 million under a pre-arranged Rule 10b5-1 trading plan; insiders have sold roughly $15.0 million in stock over the past quarter.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and a $68.10 price target, despite EQT missing quarterly earnings and revenue estimates and reporting a 29.2% year-over-year revenue decline.

Castleark Management LLC acquired a new position in EQT Corporation (NYSE:EQT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 193,845 shares of the oil and gas producer's stock, valued at approximately $10,307,000.

Several other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of EQT during the 2nd quarter valued at approximately $3,204,125,000. Bank of New York Mellon Corp purchased a new stake in shares of EQT during the second quarter worth $512,148,000. The Manufacturers Life Insurance Company purchased a new position in shares of EQT in the second quarter valued at $163,705,000. Legal & General Group Plc purchased a new position in shares of EQT in the second quarter valued at $127,420,000. Finally, Deutsche Bank AG purchased a new stake in EQT during the 2nd quarter worth about $119,461,000. Institutional investors own 90.81% of the company's stock.

Insider Activity at EQT

In other news, CEO Toby Z. Rice sold 175,328 shares of the business's stock in a transaction that occurred 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 completion of the sale, 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 position. The sale 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. Insiders have sold 274,042 shares of company stock worth $15,005,076 over the last quarter. Company insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their price target on EQT from $65.00 to $63.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Zacks Research cut shares of EQT from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. BMO Capital Markets decreased their target price on shares of EQT from $76.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. JPMorgan Chase & Co. lowered their target price on shares of EQT from $72.00 to $68.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 23rd. Finally, Citigroup cut their price target on shares of EQT from $70.00 to $67.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.10.

EQT Trading Up 0.4%

Shares of EQT stock opened at $54.00 on Wednesday. The business has a 50-day moving average price of $52.10 and a two-hundred day moving average price of $56.44. EQT Corporation has a 12-month low of $47.94 and a 12-month high of $68.24. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm has a market cap of $33.78 billion, a P/E ratio of 12.53 and a beta of 0.58.

EQT (NYSE:EQT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The business's quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. Equities analysts anticipate that EQT Corporation will post 3.97 EPS for the current fiscal year.

EQT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. EQT's dividend payout ratio (DPR) is 15.31%.

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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