Woodline Partners LP Has $27.73 Million Position in EQT Corporation $EQT

Key Points

• Woodline Partners LP reduced its holdings in EQT Corporation by 69.0%, resulting in ownership of approximately $27.7 million worth of shares after selling over 1.1 million shares in the first quarter.
• Analysts have shown confidence in EQT, with multiple upgrades; Bank of America increased its price target from $63.00 to $80.00, while UBS raised theirs from $64.00 to $65.00.
• Recent earnings revealed that EQT missed estimates, reporting $0.45 EPS against a consensus of $0.52 EPS, with quarterly revenues at $1.60 billion compared to expected $1.78 billion.

Woodline Partners LP lessened its position in EQT Corporation (NYSE:EQT - Free Report) by 69.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 518,938 shares of the oil and gas producer's stock after selling 1,153,755 shares during the period. Woodline Partners LP owned about 0.09% of EQT worth $27,727,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation National Association UT bought a new position in shares of EQT in the 1st quarter valued at about $35,000. Harbour Investments Inc. grew its position in shares of EQT by 48.4% in the 1st 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 period. University of Texas Texas AM Investment Management Co. grew its position in shares of EQT by 47.7% in the 4th 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 period. Mascagni Wealth Management Inc. bought a new position in shares of EQT in the 4th quarter valued at about $55,000. Finally, Hazlett Burt & Watson Inc. grew its position in shares of EQT by 197.4% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 1,383 shares of the oil and gas producer's stock valued at $73,000 after acquiring an additional 918 shares during the period. Institutional investors own 90.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on EQT shares. Mizuho upgraded shares of EQT to an "outperform" rating and set a $66.00 target price for the company in a research note on Tuesday, July 8th. Melius Research started coverage on shares of EQT in a research note on Wednesday, August 20th. They set a "buy" rating and a $64.00 target price for the company. Piper Sandler raised 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. Melius started coverage on shares of EQT in a research note on Wednesday, August 20th. They set a "buy" rating and a $64.00 target price for the company. Finally, Scotiabank raised their target price on shares of EQT from $66.00 to $68.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 13th. Fifteen analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, EQT has an average rating of "Moderate Buy" and an average price target of $62.14.

EQT Stock Performance

EQT stock traded down $0.02 during midday trading on Friday, hitting $50.94. The company's stock had a trading volume of 4,746,454 shares, compared to its average volume of 6,170,850. EQT Corporation has a 1-year low of $32.83 and a 1-year high of $61.02. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.71 and a quick ratio of 0.71. The company has a 50-day moving average price of $52.94 and a two-hundred day moving average price of $53.05. The company has a market cap of $31.79 billion, a price-to-earnings ratio of 27.54, a PEG ratio of 0.42 and a beta of 0.58.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.07). EQT had a return on equity of 6.24% and a net margin of 15.87%.The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the firm earned ($0.08) EPS. As a group, sell-side analysts predict that EQT Corporation will post 3.27 earnings per share for the current year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th were given a $0.1575 dividend. The ex-dividend date was Wednesday, August 6th. This represents a $0.63 annualized dividend and a dividend yield of 1.2%. EQT's payout ratio is presently 34.05%.

Insider Activity at EQT

In other news, Director Vicky A. Bailey sold 4,259 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total value of $219,594.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Sarah Fenton sold 12,438 shares of the business's stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $51.94, for a total transaction of $646,029.72. Following the completion of the transaction, the executive vice president owned 13,297 shares of the company's stock, valued at $690,646.18. The trade was a 48.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by insiders.

EQT 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.