EQT Corporation $EQT Shares Purchased by Oak Grove Capital LLC

Key Points

• Oak Grove Capital increased its EQT stake by 22.7% in the third quarter, acquiring 106,400 additional shares for a total holding of 574,125 shares valued at approximately $27.9 million. Institutional investors collectively own 90.81% of EQT.
• Analysts maintain a generally positive view, with EQT carrying a consensus “Moderate Buy” rating and an average price target of $68.09, despite some target-price reductions.
• EQT shares opened at $52.78, while the company’s latest quarterly results missed expectations: EPS was $0.39 versus $0.41 forecast, and revenue fell 29.2% year over year to $1.68 billion. The company pays a quarterly dividend of $0.165, equivalent to a 1.3% annualized yield.

Oak Grove Capital LLC boosted its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 22.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 574,125 shares of the oil and gas producer's stock after purchasing an additional 106,400 shares during the period. EQT makes up approximately 1.3% of Oak Grove Capital LLC's portfolio, making the stock its 16th biggest holding. Oak Grove Capital LLC owned approximately 0.09% of EQT worth $27,880,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wedmont Private Capital grew its stake in shares of EQT by 79.4% during the 3rd quarter. Wedmont Private Capital now owns 26,898 shares of the oil and gas producer's stock valued at $1,424,000 after buying an additional 11,901 shares during the period. GAMMA Investing LLC boosted its holdings in EQT by 4.2% in the third quarter. GAMMA Investing LLC now owns 16,445 shares of the oil and gas producer's stock valued at $799,000 after acquiring an additional 656 shares during the last quarter. Invariant Investment Management boosted its holdings in EQT by 2.1% in the third quarter. Invariant Investment Management now owns 18,815 shares of the oil and gas producer's stock valued at $944,000 after acquiring an additional 381 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in EQT by 7.6% in the third quarter. Farther Finance Advisors LLC now owns 9,452 shares of the oil and gas producer's stock valued at $459,000 after acquiring an additional 670 shares during the last quarter. Finally, YHB Investment Advisors Inc. grew its position in EQT by 59.7% during the third quarter. YHB Investment Advisors Inc. now owns 18,716 shares of the oil and gas producer's stock valued at $909,000 after acquiring an additional 6,997 shares during the period. Institutional investors and hedge funds own 90.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on EQT shares. UBS Group upped their price target on EQT from $73.00 to $77.00 and gave the stock a "buy" rating in a research note on Monday, September 14th. Stephens reiterated an "overweight" rating and set a $71.00 target price on shares of EQT in a report on Thursday, September 17th. Morgan Stanley dropped their target price on shares of EQT from $68.00 to $67.00 and set an "overweight" rating for the company in a research report on Wednesday, August 19th. Truist Financial cut their price target on shares of EQT from $74.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, June 24th. Finally, Zacks Research raised shares of EQT from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.09.

Insider Transactions at EQT

In other news, CEO Toby 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 sale, the chief executive officer owned 2,157,865 shares in the company, valued at $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 SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by company insiders.

EQT Trading Down 0.3%

Shares of EQT opened at $52.78 on Friday. The stock's 50-day moving average is $52.86 and its two-hundred day moving average is $54.64. The stock has a market cap of $33.02 billion, a PE ratio of 12.25 and a beta of 0.66. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24. 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 posted its 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). The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. EQT's quarterly revenue was down 29.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. Equities analysts forecast that EQT Corporation will post 3.90 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th were issued a $0.1650 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date was Wednesday, August 5th. EQT's dividend payout ratio is currently 15.31%.

EQT Profile

EQT Corporation is a natural gas producer headquartered in Pittsburgh, Pennsylvania. The company explores for, develops, and produces natural gas, natural gas liquids, and crude oil, with its operations concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations.

In addition to its upstream production activities, EQT has interests in the midstream infrastructure used to gather, process, transport, and store natural gas. These assets support the movement of production from well sites to regional and interstate markets.

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