EQT Corporation $EQT Holdings Lifted by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its EQT position by 6% in the second quarter, bringing its holdings to 1.2 million shares valued at approximately $63.8 million. Institutional investors collectively own 90.81% of EQT.
• EQT shares fell 2.1% to $50.79 and recently reported weaker-than-expected quarterly results, with adjusted earnings of $0.39 per share and revenue of $1.68 billion, both below analyst forecasts.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $68.18. EQT also pays a quarterly dividend of $0.165 per share, representing a 1.3% yield.

Envestnet Asset Management Inc. raised its position in EQT Corporation (NYSE:EQT - Free Report) by 6.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,200,248 shares of the oil and gas producer's stock after buying an additional 68,047 shares during the period. Envestnet Asset Management Inc. owned 0.19% of EQT worth $63,817,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of EQT. Greykasell Wealth Strategies Inc. bought a new stake in EQT in the fourth quarter worth about $26,000. Meeder Asset Management Inc. bought a new position in shares of EQT during the 2nd quarter valued at approximately $26,000. Community Bank N.A. grew its position in shares of EQT by 198.9% during the 2nd quarter. Community Bank N.A. now owns 523 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 348 shares during the period. Anchor Investment Management LLC increased its stake in shares of EQT by 76.0% during the 2nd quarter. Anchor Investment Management LLC now owns 528 shares of the oil and gas producer's stock worth $28,000 after purchasing an additional 228 shares during the last quarter. Finally, Wedbush Fund Advisers LLC increased its stake in shares of EQT by 251.8% during the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer's stock worth $31,000 after purchasing an additional 413 shares during the last quarter. Institutional investors own 90.81% of the company's stock.

Insider Activity at EQT

In related news, CEO Toby Rice sold 175,328 shares of the company's stock in a transaction that occurred on Friday, August 14th. The shares were 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. This 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 is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.72% of the company's stock.

EQT Trading Down 2.1%

Shares of EQT stock opened at $50.79 on Friday. The company's 50-day moving average price is $53.10 and its 200-day moving average price is $55.54. 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 company has a market cap of $31.77 billion, a price-to-earnings ratio of 11.78 and a beta of 0.58.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 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 analysts' expectations of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. EQT's revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. On average, equities analysts expect that EQT Corporation will post 3.92 earnings per share for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th were issued a dividend of $0.1650 per share. The ex-dividend date of this dividend was Wednesday, August 5th. This represents a $0.66 annualized dividend and a dividend yield of 1.3%. EQT's payout ratio is presently 15.31%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on EQT shares. Jefferies Financial Group dropped their price objective on EQT from $77.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. UBS Group raised their target price on EQT from $73.00 to $77.00 and gave the stock a "buy" rating in a research report on Monday, September 14th. The Goldman Sachs Group lowered their target price on EQT from $65.00 to $63.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings cut EQT from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 30th. Finally, JPMorgan Chase & Co. cut their price target on EQT from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.18.

About EQT

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.