Bank of America Corp DE Buys 284,244 Shares of EQT Corporation $EQT

Key Points

• Bank of America increased its EQT stake by 7.2% in the second quarter, buying 284,244 shares to hold 4.24 million shares valued at approximately $225.5 million. Institutional investors and hedge funds collectively own 90.81% of EQT.
• EQT’s latest quarter fell short of expectations, with EPS of $0.39 versus the $0.41 consensus and revenue of $1.68 billion versus $1.76 billion; revenue declined 29.2% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $68.18, although CEO Toby Rice sold $9.65 million in shares and elevated put-option activity suggests near-term bearish positioning.

Bank of America Corp DE grew its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 7.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,240,709 shares of the oil and gas producer's stock after buying an additional 284,244 shares during the period. Bank of America Corp DE owned approximately 0.68% of EQT worth $225,478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of EQT. Man Group plc acquired a new position in EQT in the 2nd quarter worth $27,274,000. Polar Asset Management Partners Inc. bought a new position in shares of EQT during the second quarter worth about $420,000. Jupiter Topco LLC acquired a new stake in EQT in the 2nd quarter valued at approximately $10,851,000. Flat Footed LLC acquired a new stake in EQT in the 2nd quarter valued at approximately $7,709,650. Finally, Wedbush Fund Advisers LLC lifted its stake in EQT by 251.8% in the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 413 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at EQT

In related news, CEO Toby Rice sold 175,328 shares of the business's stock in a transaction on 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 sale, the chief executive officer owned 2,157,865 shares in the company, valued at $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 is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.72% of the company's stock.

Key Headlines Impacting EQT

Here are the key news stories impacting EQT this week:

• Positive Sentiment: JPMorgan raised its price target for EQT Corporation to $68 from $65 while maintaining an Overweight rating, signaling continued confidence in the company’s valuation and operating outlook. JPMorgan Adjusts Price Target on EQT
• Positive Sentiment: Reports that EQT outperformed other energy stocks on the session suggest relative resilience, although the stock still faced selling pressure. EQT Corp. stock outperforms competitors
• Neutral Sentiment: Several reports concern EQT Group, not EQT Corporation, including plans to invest $50 billion in India through 2030, with approximately $30 billion directed toward data centers and other spending focused on artificial intelligence infrastructure, renewables and energy. These announcements have limited direct financial impact on NYSE: EQT. EQT to invest $50 billion in India
• Neutral Sentiment: EQT Group was also reported to be selling its logistics portfolio and cybersecurity company Ontinue, while considering a bid for Acciona Energía with Norges Bank Investment Management. These are private-equity transactions involving EQT Group rather than the U.S.-listed gas producer. EQT logistics portfolio sale EQT sale of Ontinue
• Negative Sentiment: Investors purchased 23,008 EQT put options, 66% above average daily volume. The unusually high bearish hedging or speculative activity may have added to near-term selling pressure. EQT unusual options activity

Analyst Ratings Changes

A number of brokerages have recently commented on EQT. Zacks Research raised shares of EQT from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 27th. Barclays decreased their target price on shares of EQT from $70.00 to $68.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. UBS Group lifted their price target on shares of EQT from $73.00 to $77.00 and gave the company a "buy" rating in a research note on Monday. Sanford C. Bernstein reissued an "outperform" rating on shares of EQT in a research report on Thursday, July 30th. Finally, The Goldman Sachs Group decreased their price objective on EQT from $65.00 to $63.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, EQT has a consensus rating of "Moderate Buy" and an average price target of $68.18.

EQT Price Performance

EQT stock opened at $50.37 on Thursday. The company has a market capitalization of $31.51 billion, a price-to-earnings ratio of 11.69 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. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24. The stock's 50 day moving average is $52.94 and its 200-day moving average is $56.04.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The business's revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. Equities research analysts expect that EQT Corporation will post 3.92 EPS for the current year.

EQT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th were issued a $0.165 dividend. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.3%. EQT's dividend payout ratio is 15.31%.

EQT Company Profile

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company primarily develops and operates unconventional oil and gas properties in the Appalachian Basin, with a focus on natural gas production from the Marcellus and Utica shale formations.

EQT's products include natural gas, natural gas liquids and condensate. Its operations span drilling, well completion, production and related gathering activities, supporting the delivery of energy to utilities, industrial customers, marketers and other buyers.

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