EQT Corporation $EQT Shares Sold by Adams Natural Resources Fund Inc.

Key Points

• Adams Natural Resources Fund reduced its EQT stake by 14.7% in the first quarter, selling 38,700 shares and leaving it with 223,900 shares valued at about $14.25 million.
• EQT reported stronger-than-expected earnings, posting $2.33 EPS versus the $2.01 consensus estimate while revenue came in at $3.14 billion, matching forecasts.
• The company also paid a quarterly dividend of $0.165 per share, equal to an annualized yield of about 1.3%, while analysts currently rate the stock a Moderate Buy with an average price target of $68.04.

Adams Natural Resources Fund Inc. cut its holdings in shares of EQT Corporation (NYSE:EQT - Free Report) by 14.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 223,900 shares of the oil and gas producer's stock after selling 38,700 shares during the quarter. EQT comprises approximately 1.7% of Adams Natural Resources Fund Inc.'s investment portfolio, making the stock its 15th biggest position. Adams Natural Resources Fund Inc.'s holdings in EQT were worth $14,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Reaves W H & Co. Inc. boosted its position in shares of EQT by 12.9% during the 4th quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock worth $62,282,000 after purchasing an additional 132,741 shares during the period. Cullen Frost Bankers Inc. increased its holdings in EQT by 21.5% in the 4th quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer's stock valued at $9,988,000 after purchasing an additional 32,921 shares during the last quarter. Allstate Corp raised its position in EQT by 114.0% in the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock valued at $2,601,000 after purchasing an additional 25,852 shares during the period. BOKF NA raised its position in EQT by 25.9% in the fourth quarter. BOKF NA now owns 138,368 shares of the oil and gas producer's stock valued at $7,417,000 after purchasing an additional 28,427 shares during the period. Finally, Prime Capital Investment Advisors LLC acquired a new position in EQT during the fourth quarter worth $1,099,000. 90.81% of the stock is owned by institutional investors and hedge funds.

EQT Trading Up 2.0%

Shares of NYSE:EQT opened at $52.68 on Friday. EQT Corporation has a 52 week low of $48.47 and a 52 week high of $68.24. The company's 50 day moving average is $55.47 and its two-hundred day moving average is $56.99. The company has a market cap of $32.95 billion, a PE ratio of 10.00 and a beta of 0.55. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT - Get Free Report) last issued its earnings results on Tuesday, April 21st. The oil and gas producer reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $2.01 by $0.32. EQT had a net margin of 31.94% and a return on equity of 9.74%. The firm had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the previous year, the firm posted $1.18 earnings per share. Equities analysts predict that EQT Corporation will post 4.52 earnings per share for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Wednesday, May 6th were issued a $0.165 dividend. The ex-dividend date was Wednesday, May 6th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.3%. EQT's dividend payout ratio is presently 12.52%.

Insider Transactions at EQT

In other news, CEO Toby Z. Rice sold 96,983 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $54.28, for a total transaction of $5,264,237.24. Following the sale, the chief executive officer owned 2,334,924 shares of the company's stock, valued at approximately $126,739,674.72. This trade represents a 3.99% decrease in their position. The sale was disclosed in a legal filing 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. Also, Director Vicky A. Bailey sold 4,116 shares of the business's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $59.80, for a total value of $246,136.80. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 102,830 shares of company stock worth $5,602,913. Company insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wolfe Research raised their price target on EQT from $64.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Weiss Ratings downgraded EQT from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday. Roth Mkm reissued a "neutral" rating on shares of EQT in a research note on Tuesday, April 14th. Barclays raised their target price on EQT from $67.00 to $69.00 and gave the company an "overweight" rating in a report on Monday, March 16th. Finally, Truist Financial dropped their target price on EQT from $74.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $68.04.

About EQT

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.

Want to see what other hedge funds are holding EQT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EQT Corporation (NYSE:EQT - Free Report).

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.