Eventide Asset Management LLC Invests $524,000 in EQT Corporation $EQT

Key Points

• Eventide Asset Management LLC has acquired a new position in EQT Corporation valued at approximately $524,000, purchasing 9,887 shares.
• Multiple large investors increased their stakes in EQT, with Allianz Asset Management growing its position by 36.3% during the first quarter.
• Analysts are optimistic about EQT, with a majority rating it as a "Buy", and recent price targets ranging from $63.00 to $80.00.

Eventide Asset Management LLC purchased a new stake in shares of EQT Corporation (NYSE:EQT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 9,887 shares of the oil and gas producer's stock, valued at approximately $524,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Nuveen LLC purchased a new position in shares of EQT during the first quarter valued at approximately $120,252,000. Vanguard Group Inc. increased its position in EQT by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 74,039,340 shares of the oil and gas producer's stock valued at $3,955,922,000 after purchasing an additional 1,509,054 shares during the period. Encompass Capital Advisors LLC bought a new position in EQT in the 4th quarter worth $59,627,000. Ninepoint Partners LP lifted its position in shares of EQT by 200.0% in the 1st quarter. Ninepoint Partners LP now owns 1,500,000 shares of the oil and gas producer's stock worth $80,145,000 after purchasing an additional 1,000,000 shares during the period. Finally, Situational Awareness LP purchased a new stake in shares of EQT in the 1st quarter worth about $52,864,000. Hedge funds and other institutional investors own 90.81% of the company's stock.

Insiders Place Their Bets

In other news, EVP Sarah Fenton sold 12,438 shares of EQT stock in a transaction that occurred on 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 directly owned 13,297 shares in the company, valued at $690,646.18. The trade was a 48.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $219,594.04. The disclosure for this sale can be found here. Corporate insiders own 0.65% of the company's stock.

EQT Stock Down 1.0%

NYSE:EQT traded down $0.52 on Tuesday, reaching $50.24. 5,584,586 shares of the stock traded hands, compared to its average volume of 8,207,084. 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 company has a market capitalization of $31.35 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 0.41 and a beta of 0.58. EQT Corporation has a 12 month low of $31.45 and a 12 month high of $61.02. The company's fifty day simple moving average is $53.33 and its 200 day simple moving average is $53.06.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). EQT had a net margin of 15.87% and a return on equity of 6.24%. The firm had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter in the previous year, the company earned ($0.08) EPS. Equities analysts predict that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th were paid a $0.1575 dividend. The ex-dividend date was Wednesday, August 6th. This represents a $0.63 annualized dividend and a dividend yield of 1.3%. EQT's payout ratio is currently 34.05%.

Analyst Ratings Changes

EQT has been the subject of a number of research reports. Royal Bank Of Canada increased their price target on shares of EQT from $55.00 to $60.00 and gave the stock a "sector perform" rating in a research note on Tuesday, July 8th. Scotiabank increased their target price on EQT from $66.00 to $68.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 13th. Roth Capital cut EQT from a "strong-buy" rating to a "neutral" rating and reduced their price target for the stock from $75.00 to $57.00 in a research note on Monday, August 18th. Jefferies Financial Group reissued a "buy" rating and set a $70.00 price objective (up previously from $60.00) on shares of EQT in a research report on Tuesday, July 8th. Finally, Piper Sandler upped their target price on shares of EQT from $48.00 to $49.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Fifteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.14.

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.