Tortoise Capital Advisors L.L.C. Lowers Holdings in EQT Corporation $EQT

Key Points

• Tortoise Capital Advisors L.L.C. reduced its holdings in EQT Corporation by 19.6%, now owning 617,147 shares, making it the 24th largest holding in their portfolio.
• EQT reported earnings of $0.45 per share for the last quarter, which missed analysts' expectations by $0.07, with revenue of $1.60 billion compared to expected $1.78 billion.
• The company declared a quarterly dividend of $0.1575 per share, resulting in an annualized dividend of $0.63 and a 1.2% dividend yield.

Tortoise Capital Advisors L.L.C. decreased its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 19.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 617,147 shares of the oil and gas producer's stock after selling 150,582 shares during the period. EQT accounts for 0.4% of Tortoise Capital Advisors L.L.C.'s holdings, making the stock its 24th biggest position. Tortoise Capital Advisors L.L.C. owned 0.10% of EQT worth $32,974,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Zions Bancorporation National Association UT purchased a new stake in EQT during the first quarter valued at approximately $35,000. Harbour Investments Inc. lifted its position in EQT by 48.4% during the first quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer's stock valued at $37,000 after acquiring an additional 226 shares during the last quarter. University of Texas Texas AM Investment Management Co. lifted its position in EQT by 47.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 960 shares of the oil and gas producer's stock valued at $44,000 after acquiring an additional 310 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in EQT during the fourth quarter valued at approximately $55,000. Finally, Colonial Trust Co SC lifted its position in EQT by 255.5% during the fourth quarter. Colonial Trust Co SC now owns 1,422 shares of the oil and gas producer's stock valued at $66,000 after acquiring an additional 1,022 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

Insiders Place Their Bets

In related news, EVP Sarah Fenton sold 12,438 shares of the company's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $51.94, for a total value of $646,029.72. Following the completion of the sale, the executive vice president owned 13,297 shares of the company's stock, valued at approximately $690,646.18. This represents a 48.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Vicky A. Bailey sold 4,259 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total transaction of $219,594.04. The disclosure for this sale can be found here. 0.65% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

EQT has been the subject of a number of recent analyst reports. Piper Sandler lifted their target price on shares of EQT from $48.00 to $49.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Roth Capital lowered shares of EQT from a "strong-buy" rating to a "neutral" rating and dropped their price objective for the company from $75.00 to $57.00 in a report on Monday, August 18th. Morgan Stanley reissued an "overweight" rating on shares of EQT in a research report on Tuesday, July 15th. Melius Research began coverage on EQT in a research report on Wednesday. They issued a "buy" rating and a $64.00 target price on the stock. Finally, Mizuho raised EQT to an "outperform" rating and set a $66.00 target price on the stock in a research report on Tuesday, July 8th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $62.14.

EQT Price Performance

NYSE:EQT traded down $0.1340 during trading hours on Friday, reaching $51.9160. 4,768,066 shares of the company were exchanged, compared to its average volume of 7,190,374. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.32. The stock's 50-day moving average is $54.91 and its 200-day moving average is $53.14. The firm has a market cap of $32.40 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 0.38 and a beta of 0.59. EQT Corporation has a twelve month low of $31.45 and a twelve month high of $61.02.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). EQT had a return on equity of 6.24% and a net margin of 15.87%.The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the company posted ($0.08) earnings per share. On average, sell-side analysts anticipate that EQT Corporation will post 3.27 earnings per share for the current fiscal year.

EQT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th will be issued a dividend of $0.1575 per share. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.2%. EQT's dividend payout ratio is presently 34.05%.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.