EQT Corporation $EQT Stock: Allspring Global Investments Holdings LLC Increases Position

Key Points

• Allspring Global Investments increased its EQT stake by 3.3% in the third quarter, adding 184,553 shares to own about 5.8 million shares valued at $290.7 million. Institutional investors collectively own 90.81% of the company.
• EQT reported quarterly earnings of $0.42 per share, beating the $0.37 consensus estimate, while revenue of $1.77 billion slightly exceeded forecasts but declined 9.6% year over year.
• The company raised its quarterly dividend to $0.17 per share, equivalent to a 1.4% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $68 average price target.

Allspring Global Investments Holdings LLC raised its position in EQT Corporation (NYSE:EQT - Free Report) by 3.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,803,442 shares of the oil and gas producer's stock after acquiring an additional 184,553 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.93% of EQT worth $290,694,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in EQT. Almanack Investment Partners LLC. lifted its holdings in shares of EQT by 5.6% in the 3rd quarter. Almanack Investment Partners LLC. now owns 8,916 shares of the oil and gas producer's stock valued at $433,000 after buying an additional 469 shares during the period. Uhlmann Price Securities LLC raised its position in EQT by 49.6% in the third quarter. Uhlmann Price Securities LLC now owns 13,587 shares of the oil and gas producer's stock worth $666,000 after acquiring an additional 4,505 shares in the last quarter. Ethic Inc. raised its position in EQT by 31.9% in the third quarter. Ethic Inc. now owns 9,793 shares of the oil and gas producer's stock worth $476,000 after acquiring an additional 2,367 shares in the last quarter. 180 Wealth Advisors LLC purchased a new position in EQT in the third quarter worth $201,000. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in EQT by 2.8% in the third quarter. Kornitzer Capital Management Inc. KS now owns 12,475 shares of the oil and gas producer's stock valued at $606,000 after acquiring an additional 335 shares during the period. Institutional investors and hedge funds own 90.81% of the company's stock.

EQT Stock Performance

Shares of EQT stock opened at $49.46 on Monday. The stock has a fifty day moving average price of $53.01 and a 200 day moving average price of $55.53. The stock has a market cap of $30.94 billion, a PE ratio of 11.72 and a beta of 0.68. EQT Corporation has a 1 year low of $47.94 and a 1 year high of $68.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.71 and a current ratio of 0.71.

EQT (NYSE:EQT - Get Free Report) last posted its earnings results on Tuesday, October 27th. The oil and gas producer reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.05. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.76 billion. EQT had a return on equity of 8.89% and a net margin of 28.40%. EQT's revenue was down 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. Sell-side analysts forecast that EQT Corporation will post 3.87 earnings per share for the current fiscal year.

EQT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Wednesday, November 4th will be paid a dividend of $0.17 per share. This is a boost from EQT's previous quarterly dividend of $0.1650. The ex-dividend date of this dividend is Wednesday, November 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.4%. EQT's dividend payout ratio is presently 16.11%.

Insider Activity

In related news, CEO Toby Rice sold 175,328 shares of the business's 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 directly owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on EQT shares. Scotiabank decreased their target price on shares of EQT from $54.00 to $53.00 and set a "sector perform" rating on the stock in a research report on Tuesday, October 27th. Truist Financial increased their price target on shares of EQT from $65.00 to $70.00 and gave the company a "buy" rating in a report on Monday, November 2nd. Mizuho cut their price target on shares of EQT from $72.00 to $68.00 and set an "outperform" rating for the company in a report on Thursday, October 15th. Stifel Nicolaus started coverage on shares of EQT in a research note on Wednesday, September 9th. They issued a "buy" rating and a $66.00 price objective for the company. Finally, Citigroup boosted their price objective on shares of EQT from $67.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, EQT currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.00.

EQT Company Profile

EQT Corporation is a natural gas company focused on the exploration, development and production of natural gas in the Appalachian Basin. Its operations are concentrated in Pennsylvania, West Virginia and Ohio, including the Marcellus and Utica shale formations.

The company also operates midstream infrastructure that gathers and transports natural gas from production areas to pipelines and markets. This includes gathering systems and transmission assets serving the Appalachian region.

Headquartered in Pittsburgh, EQT traces its roots to the late 19th century and was formerly known as Equitable Resources.

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