Allstate Corp Buys 5,548 Shares of EQT Corporation $EQT

Key Points

• Allstate Corp increased its holdings in EQT Corporation by 32.9% in the first quarter, now owning 22,427 shares valued at approximately $1.2 million.
• EQT reported a quarterly earnings miss, with an EPS of $0.45 compared to analysts' expectations of $0.52, and a revenue of $1.60 billion versus the consensus estimate of $1.78 billion.
• The company announced a quarterly dividend of $0.1575 per share, which represents an annualized yield of 1.2%.

Allstate Corp lifted its position in EQT Corporation (NYSE:EQT - Free Report) by 32.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,427 shares of the oil and gas producer's stock after purchasing an additional 5,548 shares during the quarter. Allstate Corp's holdings in EQT were worth $1,198,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EQT. Vanguard Group Inc. increased its stake in EQT by 2.1% in the first quarter. Vanguard Group Inc. now owns 74,039,340 shares of the oil and gas producer's stock valued at $3,955,922,000 after acquiring an additional 1,509,054 shares during the last quarter. Northern Trust Corp increased its stake in EQT by 2.0% in the first quarter. Northern Trust Corp now owns 5,692,985 shares of the oil and gas producer's stock valued at $304,176,000 after acquiring an additional 113,716 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in EQT by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,204,106 shares of the oil and gas producer's stock valued at $278,055,000 after acquiring an additional 110,249 shares during the last quarter. Neuberger Berman Group LLC increased its stake in EQT by 10.3% in the first quarter. Neuberger Berman Group LLC now owns 5,191,780 shares of the oil and gas producer's stock valued at $277,397,000 after acquiring an additional 484,671 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in EQT by 7.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,658,814 shares of the oil and gas producer's stock valued at $251,017,000 after acquiring an additional 311,154 shares during the last quarter. Institutional investors own 90.81% of the company's stock.

Insider Transactions at EQT

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

Wall Street Analyst Weigh In

A number of research firms recently commented on EQT. Melius began coverage on EQT in a research note on Wednesday, August 20th. They issued a "buy" rating and a $64.00 target price on the stock. Barclays increased their target price on EQT from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada increased their target price on EQT from $55.00 to $60.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 8th. Morgan Stanley restated an "overweight" rating on shares of EQT in a research report on Tuesday, July 15th. Finally, Piper Sandler upped their price target on shares of EQT from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, EQT currently has an average rating of "Moderate Buy" and a consensus target price of $62.14.

EQT Trading Down 2.5%

NYSE EQT traded down $1.33 during trading on Wednesday, hitting $51.38. 7,540,672 shares of the company's stock traded hands, compared to its average volume of 8,304,040. The stock has a fifty day moving average of $54.50 and a two-hundred day moving average of $53.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.71 and a quick ratio of 0.71. EQT Corporation has a 12-month low of $31.45 and a 12-month high of $61.02. The firm has a market cap of $32.06 billion, a P/E ratio of 27.77, a PEG ratio of 0.40 and a beta of 0.59.

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

EQT Dividend Announcement

The company 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 dividend of $0.1575 per share. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, August 6th. EQT's dividend payout ratio is currently 34.05%.

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.