Adams Natural Resources Fund Inc. Grows Holdings in EQT Corporation $EQT

Key Points

• Adams Natural Resources Fund increased its EQT stake by 19.1% in the fourth quarter, buying 42,100 more shares and bringing its total holding to 262,600 shares valued at about $14.1 million.
• EQT’s latest results were strong, with quarterly EPS of $2.33 beating estimates of $2.01, while revenue came in at $3.14 billion, in line with expectations.
• Wall Street remains broadly positive on EQT, with a consensus rating of “Moderate Buy” and a consensus price target of $68.83, though insider selling has continued in recent months.

Adams Natural Resources Fund Inc. grew its stake in EQT Corporation (NYSE:EQT - Free Report) by 19.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,600 shares of the oil and gas producer's stock after purchasing an additional 42,100 shares during the quarter. EQT makes up 2.1% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 12th biggest position. Adams Natural Resources Fund Inc.'s holdings in EQT were worth $14,075,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. SG Americas Securities LLC grew its stake in EQT by 228.5% during the 4th quarter. SG Americas Securities LLC now owns 517,651 shares of the oil and gas producer's stock valued at $27,746,000 after acquiring an additional 360,049 shares in the last quarter. KTF Investments LLC purchased a new stake in EQT during the 4th quarter valued at about $8,885,000. Reaves W H & Co. Inc. grew its stake in EQT by 12.9% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock valued at $62,282,000 after acquiring an additional 132,741 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in EQT by 495.2% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer's stock valued at $7,468,000 after purchasing an additional 106,545 shares during the last quarter. Finally, First Financial Bank Trust Division acquired a new position in EQT in the 4th quarter valued at about $3,173,000. Institutional investors and hedge funds own 90.81% of the company's stock.

EQT Price Performance

Shares of EQT opened at $51.89 on Friday. EQT Corporation has a fifty-two week low of $48.47 and a fifty-two week high of $68.24. The firm's 50 day moving average price is $56.98 and its 200 day moving average price is $57.55. The company has a market cap of $32.45 billion, a P/E ratio of 9.85 and a beta of 0.55. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT - Get Free Report) last announced its earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The firm had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same period in the prior year, the firm earned $1.18 EPS. On average, research analysts forecast that EQT Corporation will post 4.7 earnings per share for the current fiscal year.

EQT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Wednesday, May 6th were given a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.3%. EQT's dividend payout ratio is currently 12.52%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EQT. Truist Financial began coverage on shares of EQT in a report on Tuesday, March 24th. They issued a "buy" rating and a $74.00 target price on the stock. Piper Sandler boosted their target price on shares of EQT from $50.00 to $55.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. Royal Bank Of Canada restated a "sector perform" rating and issued a $69.00 price objective on shares of EQT in a report on Wednesday, April 15th. JPMorgan Chase & Co. upped their price objective on shares of EQT from $68.00 to $72.00 and gave the stock an "overweight" rating in a report on Tuesday, March 17th. Finally, Evercore upped their price objective on shares of EQT from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, EQT presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.83.

Insider Buying and Selling at EQT

In other EQT news, CEO Toby Z. Rice sold 1,731 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $53.46, for a total value of $92,539.26. Following the sale, the chief executive officer directly owned 2,333,193 shares of the company's stock, valued at approximately $124,732,497.78. This represents a 0.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sarah Fenton sold 4,876 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $64.49, for a total transaction of $314,453.24. Following the completion of the sale, the executive vice president directly owned 52,953 shares in the company, valued at approximately $3,414,938.97. This represents a 8.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 107,706 shares of company stock valued at $5,917,367. Insiders own 0.72% of the company's stock.

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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