Energy Income Partners LLC Purchases New Position in EQT Corporation $EQT

Key Points

• Energy Income Partners acquired 406,270 EQT shares worth approximately $21.6 million, while institutional investors collectively own 90.81% of the company.
• EQT’s CEO Toby Rice sold 175,328 shares for roughly $9.65 million under a pre-arranged Rule 10b5-1 trading plan; insiders have sold about $15.0 million in stock over the past 90 days.
• Analysts maintain a consensus “Moderate Buy” rating with a $68.48 target price, but recent targets were lowered. EQT’s latest quarter missed earnings and revenue estimates, with revenue down 29.2% year over year.

Energy Income Partners LLC acquired a new position in EQT Corporation (NYSE:EQT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 406,270 shares of the oil and gas producer's stock, valued at approximately $21,601,000. Energy Income Partners LLC owned approximately 0.06% of EQT at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in EQT. Greykasell Wealth Strategies Inc. acquired a new position in shares of EQT in the 4th quarter valued at $26,000. Meeder Asset Management Inc. acquired a new stake in EQT during the second quarter valued at $26,000. Elyxium Wealth LLC acquired a new stake in EQT during the fourth quarter valued at $49,000. 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 valued at $49,000 after buying an additional 202 shares in the last quarter. Finally, State of Wyoming purchased a new position in EQT in the second quarter valued at $58,000. Institutional investors and hedge funds own 90.81% of the company's stock.

Insider Activity

In related news, CEO Toby Z. Rice sold 175,328 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 2,157,865 shares of the company's stock, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 in the last ninety days. 0.72% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their target price on shares of EQT from $74.00 to $68.00 and set an "overweight" rating on the stock in a research note on Friday, June 26th. BMO Capital Markets cut their price target on EQT from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Weiss Ratings cut EQT from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, July 30th. Wall Street Zen downgraded EQT from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Finally, Truist Financial dropped 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, EQT has a consensus rating of "Moderate Buy" and a consensus target price of $68.48.

EQT Price Performance

Shares of NYSE EQT opened at $53.18 on Wednesday. The firm has a 50-day simple moving average of $51.88 and a 200-day simple moving average of $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. The stock has a market capitalization of $33.27 billion, a price-to-earnings ratio of 12.34 and a beta of 0.58. EQT Corporation has a 52 week low of $47.94 and a 52 week high of $68.24.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The business's revenue was down 29.2% compared to the same quarter last year. On average, equities analysts predict that EQT Corporation will post 4.06 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business 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. The ex-dividend date is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT's dividend payout ratio 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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