Bank of New York Mellon Corp Sells 9,473,730 Shares of EQT Corporation (NYSE:EQT)

Bank of New York Mellon Corp cut its position in EQT Corporation (NYSE:EQT - Free Report) by 41.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,639,639 shares of the oil and gas producer's stock after selling 9,473,730 shares during the quarter. Bank of New York Mellon Corp owned about 2.28% of EQT worth $728,766,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. raised its position 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 buying an additional 310 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of EQT by 26.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 976 shares of the oil and gas producer's stock worth $45,000 after purchasing an additional 205 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of EQT in the 4th quarter worth approximately $55,000. Larson Financial Group LLC raised its holdings in shares of EQT by 1,343.8% in the 4th quarter. Larson Financial Group LLC now owns 1,386 shares of the oil and gas producer's stock worth $64,000 after purchasing an additional 1,290 shares in the last quarter. Finally, Colonial Trust Co SC increased its position in shares of EQT by 255.5% in the fourth quarter. Colonial Trust Co SC now owns 1,422 shares of the oil and gas producer's stock worth $66,000 after acquiring an additional 1,022 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of EQT from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, April 24th. Roth Capital assumed coverage on shares of EQT in a research report on Tuesday, June 24th. They issued a "buy" rating and a $69.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on shares of EQT from $58.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, March 13th. Wells Fargo & Company lifted their target price on shares of EQT from $59.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Finally, Barclays assumed coverage on shares of EQT in a research report on Monday. They issued an "overweight" rating and a $65.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.95.

EQT Stock Down 2.4%

Shares of EQT stock traded down $1.32 on Tuesday, hitting $54.84. The company's stock had a trading volume of 9,846,612 shares, compared to its average volume of 8,007,688. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.57 and a quick ratio of 0.57. EQT Corporation has a fifty-two week low of $30.02 and a fifty-two week high of $61.02. The firm's fifty day moving average price is $55.81 and its 200-day moving average price is $52.21. The stock has a market capitalization of $32.84 billion, a price-to-earnings ratio of 96.21, a P/E/G ratio of 0.35 and a beta of 0.65.

EQT (NYSE:EQT - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The oil and gas producer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.20. The business had revenue of $2.15 billion during the quarter, compared to analyst estimates of $2.16 billion. EQT had a net margin of 6.59% and a return on equity of 5.52%. Research analysts anticipate that EQT Corporation will post 3.27 EPS for the current year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Wednesday, May 7th were issued a $0.1575 dividend. The ex-dividend date of this dividend was Wednesday, May 7th. This represents a $0.63 annualized dividend and a yield of 1.15%. EQT's dividend payout ratio (DPR) is presently 110.53%.

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.