EQT Corporation $EQT Shares Sold by Sound Shore Management Inc. CT

Key Points

• Sound Shore Management reduced its EQT stake by 18.6% in the first quarter, selling 282,022 shares and leaving it with 1,235,565 shares worth about $78.6 million.
• Insiders also sold shares, including Director Vicky A. Bailey and CEO Toby Z. Rice; over the last three months, insiders sold 102,830 shares totaling about $5.6 million.
• EQT reported better-than-expected quarterly earnings of $2.33 per share on revenue of $3.14 billion, and it recently declared a quarterly dividend of $0.165 per share to be paid on September 1.

Sound Shore Management Inc. CT lessened its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 18.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,235,565 shares of the oil and gas producer's stock after selling 282,022 shares during the period. EQT makes up about 2.6% of Sound Shore Management Inc. CT's portfolio, making the stock its 15th biggest position. Sound Shore Management Inc. CT owned approximately 0.20% of EQT worth $78,631,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. SG Americas Securities LLC raised its holdings in shares of EQT by 228.5% in the fourth quarter. SG Americas Securities LLC now owns 517,651 shares of the oil and gas producer's stock worth $27,746,000 after buying an additional 360,049 shares during the last quarter. KTF Investments LLC purchased a new stake in shares of EQT during the fourth quarter valued at $8,885,000. Reaves W H & Co. Inc. increased its position in shares of EQT by 12.9% in the 4th 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 acquiring an additional 132,741 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of EQT by 495.2% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer's stock valued at $7,468,000 after acquiring an additional 106,545 shares during the period. Finally, Whittier Trust Co. increased its position in shares of EQT by 9.6% in the 1st quarter. Whittier Trust Co. now owns 643,321 shares of the oil and gas producer's stock valued at $38,857,000 after acquiring an additional 56,149 shares during the period. Institutional investors and hedge funds own 90.81% of the company's stock.

Insider Buying and Selling

In other news, Director Vicky A. Bailey sold 4,116 shares of the firm's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $59.80, for a total transaction of $246,136.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Toby Z. Rice sold 96,983 shares of EQT stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $54.28, for a total transaction of $5,264,237.24. Following the transaction, the chief executive officer directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 102,830 shares of company stock valued at $5,602,913 over the last three months. 0.72% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on EQT shares. Weiss Ratings cut EQT from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 23rd. Zacks Research cut EQT from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 22nd. Sanford C. Bernstein decreased their target price on EQT from $73.00 to $69.00 and set an "outperform" rating for the company in a report on Monday, April 13th. Citigroup upped their target price on EQT from $66.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Finally, Jefferies Financial Group cut their price target on shares of EQT from $77.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, EQT currently has a consensus rating of "Moderate Buy" and an average price target of $68.12.

EQT Price Performance

Shares of EQT opened at $49.54 on Monday. The business's 50-day moving average is $53.29 and its two-hundred day moving average is $56.57. The company has a market capitalization of $30.99 billion, a P/E ratio of 9.40 and a beta of 0.55. EQT Corporation has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.66 and a current ratio of 0.66.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The oil and gas producer reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.32. EQT had a return on equity of 9.74% and a net margin of 31.94%.The business had revenue of $3.14 billion during the quarter, compared to analysts' expectations of $3.14 billion. During the same quarter in the previous year, the firm posted $1.18 EPS. Research analysts predict that EQT Corporation will post 4.25 earnings per share for the current year.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, August 5th. EQT's dividend payout ratio (DPR) is currently 12.52%.

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.

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