BlackRock Inc. Invests $3.20 Billion in EQT Corporation $EQT

Key Points

• BlackRock acquired 60.3 million EQT shares valued at approximately $3.2 billion, giving it a 9.63% stake. Institutional investors collectively own 90.81% of the natural-gas producer.
• EQT’s latest quarterly results fell short of expectations, with EPS of $0.39 versus $0.41 expected and revenue of $1.68 billion versus $1.76 billion forecast; revenue declined 29.2% year over year.
• The company declared a quarterly dividend of $0.165 per share, while analysts maintain a consensus “Moderate Buy” rating and an average price target of $68.48, above the reported share price of $53.18.

BlackRock Inc. acquired a new position in shares of EQT Corporation (NYSE:EQT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 60,261,896 shares of the oil and gas producer's stock, valued at approximately $3,204,125,000. BlackRock Inc. owned approximately 9.63% of EQT at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Greykasell Wealth Strategies Inc. acquired a new stake in shares of EQT during the 4th quarter valued at about $26,000. Root Financial Partners LLC increased its holdings 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. Elyxium Wealth LLC acquired a new position in EQT in the fourth quarter worth approximately $49,000. State of Wyoming bought a new position in EQT during the second quarter valued at approximately $58,000. Finally, Sound Income Strategies LLC raised its position in EQT by 55.3% during the first quarter. Sound Income Strategies LLC now owns 1,966 shares of the oil and gas producer's stock valued at $120,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company's stock.

EQT Trading Up 0.3%

NYSE:EQT opened at $53.18 on Wednesday. The company's 50 day moving average is $51.88 and its 200-day moving average is $56.51. The company has a quick ratio of 0.67, a current 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 firm has a market cap of $33.27 billion, a price-to-earnings ratio of 12.34 and a beta of 0.58.

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 the consensus estimate of $0.41 by ($0.02). The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.EQT's quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. Equities analysts anticipate that EQT Corporation will post 4.06 EPS for the current year.

EQT Announces Dividend

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

Analysts Set New Price Targets

EQT has been the subject of several recent research reports. 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. Stephens raised their price target on shares of EQT from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. The Goldman Sachs Group reduced their price objective on shares of EQT from $65.00 to $63.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Truist Financial decreased their price objective on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Finally, BMO Capital Markets lowered their target price on shares of EQT from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $68.48.

Insider Activity

In other news, CEO Toby Z. Rice sold 175,328 shares of EQT stock in a transaction dated Friday, August 14th. The stock was 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 in the company, valued at approximately $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 274,042 shares of company stock valued at $15,005,076 over the last 90 days. Company insiders own 0.72% of the company's stock.

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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