Woodline Partners LP Has $27.73 Million Holdings 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 lowered its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 69.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 0.09% of EQT worth $27,727,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Zions Bancorporation National Association UT acquired a new position in shares of EQT during the 1st quarter worth approximately $35,000. Harbour Investments Inc. increased its holdings in shares of EQT by 48.4% during the 1st quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer's stock worth $37,000 after acquiring an additional 226 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in shares of EQT by 47.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 960 shares of the oil and gas producer's stock worth $44,000 after acquiring an additional 310 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in shares of EQT during the 4th quarter worth approximately $55,000. Finally, Capital A Wealth Management LLC acquired a new position in shares of EQT during the 4th quarter worth approximately $72,000. Institutional investors own 90.81% of the company's stock.

Insider Activity at EQT

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wells Fargo & Company upped their price objective on EQT from $59.00 to $63.00 and gave the company an "overweight" rating in a report on Monday, June 16th. Melius Research assumed coverage on EQT in a report on Wednesday, August 20th. They issued a "buy" rating and a $64.00 price objective on the stock. Roth Capital lowered EQT from a "strong-buy" rating to a "neutral" rating and decreased their price objective for the company from $75.00 to $57.00 in a report on Monday, August 18th. UBS Group upped their price objective on EQT from $64.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Melius assumed coverage on EQT in a report on Wednesday, August 20th. They issued a "buy" rating and a $64.00 price objective on the stock. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.14.

EQT Trading Down 0.9%

Shares of EQT traded down $0.47 during mid-day trading on Monday, reaching $50.47. 1,518,703 shares of the company were exchanged, compared to its average volume of 8,110,540. EQT Corporation has a 52 week low of $32.88 and a 52 week high of $61.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market capitalization of $31.50 billion, a PE ratio of 27.25, a PEG ratio of 0.41 and a beta of 0.58. The business has a 50 day simple moving average of $52.94 and a two-hundred day simple moving average of $53.13.

EQT (NYSE:EQT - Get Free Report) last released its earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 EPS 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 for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the business earned ($0.08) EPS. On average, analysts predict that EQT Corporation will post 3.27 earnings per share for the current fiscal year.

EQT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Wednesday, August 6th were paid a dividend of $0.1575 per share. The ex-dividend date of this dividend was Wednesday, August 6th. This represents a $0.63 annualized dividend and a yield of 1.2%. EQT's dividend payout ratio (DPR) is currently 34.05%.

About EQT

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.