9,632,282 Shares in EQT Corporation $EQT Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 9.63 million EQT shares worth approximately $512.1 million, giving it a 1.54% stake; institutional investors collectively own 90.81% of the company.
• Analysts maintain a broadly positive outlook, with EQT carrying a “Moderate Buy” consensus rating and a $68.10 average price target, despite some recent target-price reductions.
• EQT’s latest quarter missed expectations, with adjusted earnings of $0.39 per share and revenue of $1.68 billion, down 29.2% year over year. The company declared a quarterly dividend of $0.165 per share, equivalent to a 1.2% yield.

Bank of New York Mellon Corp bought a new stake in shares of EQT Corporation (NYSE:EQT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,632,282 shares of the oil and gas producer's stock, valued at approximately $512,148,000. Bank of New York Mellon Corp owned approximately 1.54% of EQT as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of EQT. Parallel Advisors LLC increased its position in shares of EQT by 1.0% during the 4th quarter. Parallel Advisors LLC now owns 19,075 shares of the oil and gas producer's stock valued at $1,022,000 after purchasing an additional 198 shares during the last quarter. Root Financial Partners LLC lifted its position in EQT by 35.4% in the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock worth $49,000 after buying an additional 202 shares during the last quarter. Rothschild Investment LLC boosted its stake in shares of EQT by 0.5% during the 4th quarter. Rothschild Investment LLC now owns 46,582 shares of the oil and gas producer's stock worth $2,497,000 after purchasing an additional 215 shares during the period. EverSource Wealth Advisors LLC grew its stake in EQT by 4.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,154 shares of the oil and gas producer's stock worth $392,000 after acquiring an additional 236 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its holdings in EQT by 4.0% during the fourth quarter. Valeo Financial Advisors LLC now owns 11,813 shares of the oil and gas producer's stock worth $633,000 after buying an additional 456 shares during the period. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on EQT shares. JPMorgan Chase & Co. decreased their price objective on shares of EQT from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, June 23rd. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of EQT in a report on Thursday, July 30th. Zacks Research cut EQT from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Citigroup decreased their price target on EQT from $70.00 to $67.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Finally, Barclays lowered their price objective on EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, EQT currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.10.

Insiders Place Their Bets

In other EQT news, CEO Toby Z. Rice sold 175,328 shares of the business'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 transaction, the chief executive officer directly owned 2,157,865 shares of the company's stock, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 274,042 shares of company stock valued at $15,005,076. Company insiders own 0.72% of the company's stock.

EQT Stock Down 0.3%

EQT stock opened at $53.74 on Friday. The firm has a market cap of $33.62 billion, a PE ratio of 12.47 and a beta of 0.58. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. The firm's 50 day moving average price is $51.99 and its 200-day moving average price is $56.45. EQT Corporation has a one year low of $47.94 and a one year high of $68.24.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $1.76 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company's revenue was down 29.2% on a year-over-year basis. On average, equities research analysts anticipate that EQT Corporation will post 3.97 EPS for the current year.

EQT Dividend Announcement

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

EQT Profile

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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