Bornite Capital Management LP Sells 481,500 Shares of EQT Corporation (NYSE:EQT)

Key Points

• Bornite Capital Management LP significantly reduced its stake in EQT Corporation by 96.3% in the first quarter, selling 481,500 shares to hold just 18,500 shares valued at approximately $988,000.
• EQT recently reported earnings of $0.45 per share for the last quarter, missing analyst expectations of $0.52, with total revenue of $1.60 billion compared to the consensus estimate of $1.78 billion.
• The company declared a quarterly dividend of $0.1575 per share, resulting in an annualized yield of 1.2%, and has a dividend payout ratio of 34.05%.

Bornite Capital Management LP cut its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 96.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,500 shares of the oil and gas producer's stock after selling 481,500 shares during the quarter. EQT accounts for about 0.3% of Bornite Capital Management LP's portfolio, making the stock its 22nd biggest holding. Bornite Capital Management LP's holdings in EQT were worth $988,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Larson Financial Group LLC boosted its position in EQT by 14.1% during the first quarter. Larson Financial Group LLC now owns 1,582 shares of the oil and gas producer's stock valued at $85,000 after purchasing an additional 196 shares during the last quarter. Fidelis Capital Partners LLC boosted its position in EQT by 2.6% during the first quarter. Fidelis Capital Partners LLC now owns 8,281 shares of the oil and gas producer's stock valued at $416,000 after purchasing an additional 207 shares during the last quarter. Generali Investments Management Co LLC boosted its position in EQT by 14.1% during the first quarter. Generali Investments Management Co LLC now owns 1,711 shares of the oil and gas producer's stock valued at $91,000 after purchasing an additional 211 shares during the last quarter. Bartlett & CO. Wealth Management LLC boosted its position in EQT by 3.9% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 5,783 shares of the oil and gas producer's stock valued at $309,000 after purchasing an additional 219 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in EQT by 48.4% during the first quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer's stock valued at $37,000 after purchasing an additional 226 shares during the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EQT

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

EQT Price Performance

EQT stock opened at $51.29 on Friday. The stock's fifty day moving average price is $55.70 and its two-hundred day moving average price is $53.13. EQT Corporation has a one year low of $30.59 and a one year high of $61.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $32.01 billion, a PE ratio of 27.72, a price-to-earnings-growth ratio of 0.36 and a beta of 0.59.

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

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th will be paid a $0.1575 dividend. The ex-dividend date is Wednesday, August 6th. This represents a $0.63 annualized dividend and a dividend yield of 1.2%. EQT's dividend payout ratio (DPR) is presently 34.05%.

Analyst Ratings Changes

Several brokerages recently commented on EQT. Stephens reduced their price target on EQT from $59.00 to $57.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Roth Capital assumed coverage on EQT in a research report on Tuesday, June 24th. They issued a "buy" rating and a $69.00 price objective for the company. Barclays raised their price objective on EQT from $65.00 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Mizuho raised EQT to an "outperform" rating and set a $66.00 price objective for the company in a research report on Tuesday, July 8th. Finally, Scotiabank reaffirmed a "sector perform" rating and issued a $66.00 price objective (up from $62.00) on shares of EQT in a research report on Friday, July 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.84.

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.

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