Algert Global LLC Purchases 67,038 Shares of EQT Corporation $EQT

Key Points

• Algert Global increased its EQT stake by 217.5% in the second quarter, purchasing 67,038 additional shares and bringing its holdings to 97,866 shares valued at approximately $5.2 million. Institutional investors collectively own 90.81% of EQT.
• 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 sold roughly $15 million of stock over the past three months.
• EQT reported quarterly revenue of $1.68 billion and earnings of $0.39 per share, both below analyst expectations, while revenue fell 29.2% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.10, and the company declared a quarterly dividend of $0.165 per share.

Algert Global LLC grew its holdings in shares of EQT Corporation (NYSE:EQT - Free Report) by 217.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 97,866 shares of the oil and gas producer's stock after purchasing an additional 67,038 shares during the period. Algert Global LLC's holdings in EQT were worth $5,204,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EQT. Greykasell Wealth Strategies Inc. acquired a new stake in shares of EQT during the fourth quarter valued at about $26,000. Meeder Asset Management Inc. acquired a new position in EQT in the second quarter valued at approximately $26,000. Gables Capital Management Inc. bought a new position in EQT during the second quarter worth $37,000. Elyxium Wealth LLC acquired a new position in shares of EQT during the fourth quarter valued at about $49,000. Finally, Root Financial Partners LLC raised its holdings in shares of EQT by 35.4% during the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock valued at $49,000 after purchasing an additional 202 shares during the period. Institutional investors own 90.81% of the company's stock.

Insider Buying and Selling

In related news, CEO Toby Z. Rice sold 175,328 shares of the business's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the transaction, the chief executive officer directly owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 274,042 shares of company stock worth $15,005,076 in the last three months. 0.72% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

EQT has been the subject of a number of research analyst reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of EQT in a research report on Thursday, July 30th. Morgan Stanley lowered their price target on shares of EQT from $68.00 to $67.00 and set an "overweight" rating on the stock in a report on Wednesday, August 19th. Weiss Ratings cut EQT from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 30th. Zacks Research downgraded shares of EQT from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Freedom Capital upgraded shares of EQT to a "strong-buy" rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, EQT presently has a consensus rating of "Moderate Buy" and an average target price of $68.10.

EQT Trading Up 0.1%

Shares of EQT stock opened at $54.85 on Friday. EQT Corporation has a 12-month low of $47.94 and a 12-month high of $68.24. The company has a market cap of $34.31 billion, a price-to-earnings ratio of 12.73 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. The company's 50-day moving average price is $52.25 and its 200-day moving average price is $56.42.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data 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). EQT had a net margin of 28.44% and a return on equity of 9.31%. The firm had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the prior year, the firm posted $0.45 EPS. EQT's revenue was down 29.2% on a year-over-year basis. On average, equities analysts expect that EQT Corporation will post 3.97 earnings per share for the current fiscal year.

EQT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 yield of 1.2%. EQT's dividend payout ratio (DPR) is currently 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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