Corient Private Wealth LP Invests $6.12 Million in EQT Corporation $EQT

Key Points

• Corient Private Wealth initiated a $6.12 million position in EQT by purchasing 115,098 shares during the second quarter. Institutional investors collectively own 90.81% of EQT.
• Analysts maintain a generally positive view, with EQT receiving a consensus “Moderate Buy” rating and an average price target of $68.10, despite several recent target-price reductions.
• EQT’s latest quarterly results fell short of expectations: adjusted EPS was $0.39 versus $0.41 expected, while revenue declined 29.2% year over year to $1.68 billion. The company also announced a quarterly dividend of $0.165 per share.

Corient Private Wealth LP bought a new stake in shares of EQT Corporation (NYSE:EQT - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 115,098 shares of the oil and gas producer's stock, valued at approximately $6,119,000.

Other hedge funds have also recently bought and sold shares of the company. Reaves W H & Co. Inc. lifted its stake in shares of EQT by 12.9% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock valued at $62,282,000 after buying an additional 132,741 shares during the period. Cullen Frost Bankers Inc. increased its stake in EQT by 21.5% during the fourth quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer's stock valued at $9,988,000 after acquiring an additional 32,921 shares during the period. BOKF NA increased its stake in EQT by 25.9% during the fourth quarter. BOKF NA now owns 138,368 shares of the oil and gas producer's stock valued at $7,417,000 after acquiring an additional 28,427 shares during the period. Allstate Corp raised its holdings in EQT by 114.0% in the 4th quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock valued at $2,601,000 after acquiring an additional 25,852 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in EQT in the 2nd quarter valued at approximately $163,705,000. 90.81% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Toby Z. Rice sold 175,328 shares of EQT stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 274,042 shares of company stock valued at $15,005,076. 0.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

EQT has been the topic of several recent research reports. Truist Financial decreased their price objective on EQT from $74.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Freedom Capital upgraded EQT to a "strong-buy" rating in a research note on Tuesday, June 30th. Jefferies Financial Group reduced their target price on EQT from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Barclays reduced their target price on EQT from $70.00 to $68.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Finally, UBS Group decreased their price target on shares of EQT from $74.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, EQT has an average rating of "Moderate Buy" and a consensus price target of $68.10.

EQT Stock Down 0.5%

Shares of EQT opened at $54.28 on Tuesday. The company has a market capitalization of $33.95 billion, a P/E ratio of 12.59 and a beta of 0.58. EQT Corporation has a one year low of $47.94 and a one year high of $68.24. The business's 50 day simple moving average is $52.38 and its 200-day simple moving average is $56.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings results 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). EQT had a net margin of 28.44% and a return on equity of 9.31%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. The business's quarterly revenue was down 29.2% compared to the same quarter last year. As a group, sell-side analysts predict that EQT Corporation will post 3.96 EPS for the current fiscal year.

EQT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th will be paid 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 15.31%.

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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