EQT Corporation $EQT Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its EQT stake by 3.9%, selling 125,483 shares and retaining 3.08 million shares worth approximately $163.7 million. Institutional investors collectively own 90.81% of EQT.
• CEO Toby Rice sold 175,328 shares for roughly $9.65 million under a pre-arranged Rule 10b5-1 plan, reducing his position by 7.51%; insiders own 0.72% of the company.
• EQT’s latest quarterly results fell short of expectations, with earnings of $0.39 per share and revenue of $1.68 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $68, while the company pays a $0.165 quarterly dividend.

The Manufacturers Life Insurance Company decreased its holdings in shares of EQT Corporation (NYSE:EQT - Free Report) by 3.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,078,900 shares of the oil and gas producer's stock after selling 125,483 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.49% of EQT worth $163,705,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Reaves W H & Co. Inc. increased its holdings in 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 purchasing an additional 132,741 shares in the last quarter. Cullen Frost Bankers Inc. lifted its stake in shares of EQT by 21.5% during the fourth quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer's stock worth $9,988,000 after purchasing an additional 32,921 shares in the last quarter. Allstate Corp boosted its position in shares of EQT by 114.0% in the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock worth $2,601,000 after buying an additional 25,852 shares during the period. Fielder Capital Group LLC purchased a new stake in shares of EQT in the second quarter worth about $4,847,000. Finally, Bank of Nova Scotia acquired a new stake in shares of EQT in the second quarter valued at about $6,477,000. Institutional investors and hedge funds own 90.81% of the company's stock.

Insider Activity at EQT

In related news, CEO Toby Rice sold 175,328 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 2,157,865 shares of the company's stock, valued at $118,747,310.95. This trade represents a 7.51% decrease in their position. The transaction 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. Corporate insiders own 0.72% of the company's stock.

EQT Trading Up 0.7%

NYSE EQT opened at $55.02 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. EQT Corporation has a one year low of $47.94 and a one year high of $68.24. The company has a 50-day simple moving average of $52.87 and a 200-day simple moving average of $56.22. The firm has a market capitalization of $34.42 billion, a PE ratio of 12.77 and a beta of 0.58.

EQT (NYSE:EQT - Get Free Report) last announced 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 company 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 company posted $0.45 earnings per share. The firm's revenue for the quarter was down 29.2% compared to the same quarter last year. On average, equities analysts forecast that EQT Corporation will post 3.96 earnings per share for the current year.

EQT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th were given a dividend of $0.165 per share. The ex-dividend date was Wednesday, August 5th. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. EQT's dividend payout ratio is currently 15.31%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on EQT shares. Wall Street Zen cut EQT from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Truist Financial decreased their target price on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, June 24th. Stephens raised their price target on shares of EQT from $71.00 to $72.00 and gave the company an "overweight" rating in a report on Wednesday, July 22nd. Sanford C. Bernstein reiterated an "outperform" rating on shares of EQT in a report on Thursday, July 30th. Finally, Jefferies Financial Group decreased their price objective on shares of EQT from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.00.

EQT Profile

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.

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