Glenmede Trust Co. NA Grows Position in EQT Corporation $EQT

Key Points

• Glenmede Trust more than doubled its EQT position in the first quarter, adding 21,249 shares to own 40,189 shares valued at approximately $2.56 million. Institutional investors collectively hold 90.81% of EQT’s stock.
• Wall Street remains broadly positive, with an average rating of “Moderate Buy” and a consensus price target of $68.08, although several analysts recently reduced their targets.
• EQT shares opened at $52.78, while the company’s latest quarterly results missed expectations: adjusted EPS was $0.39 versus $0.41 expected, and revenue fell 29.2% year over year to $1.68 billion. EQT also declared a quarterly dividend of $0.165 per share.

Glenmede Trust Co. NA increased its stake in shares of EQT Corporation (NYSE:EQT - Free Report) by 112.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 40,189 shares of the oil and gas producer's stock after acquiring an additional 21,249 shares during the quarter. Glenmede Trust Co. NA's holdings in EQT were worth $2,558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Greykasell Wealth Strategies Inc. purchased a new position in EQT during the 4th quarter valued at approximately $26,000. Elyxium Wealth LLC bought a new stake in EQT in the fourth quarter worth $49,000. Root Financial Partners LLC increased its position in EQT by 35.4% in the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock worth $49,000 after purchasing an additional 202 shares during the last quarter. Sound Income Strategies LLC raised its stake in EQT by 186.4% during the fourth quarter. Sound Income Strategies LLC now owns 1,266 shares of the oil and gas producer's stock valued at $64,000 after purchasing an additional 824 shares in the last quarter. Finally, City Holding Co. raised its stake in EQT by 1,708.5% during the fourth quarter. City Holding Co. now owns 1,483 shares of the oil and gas producer's stock valued at $79,000 after purchasing an additional 1,401 shares in the last quarter. 90.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at EQT

In other news, CEO Toby Z. Rice sold 1,731 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $53.46, for a total transaction of $92,539.26. Following the transaction, the chief executive officer owned 2,333,193 shares in the company, valued at approximately $124,732,497.78. This trade represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

EQT has been the subject of several research reports. The Goldman Sachs Group lowered their price objective on shares of EQT from $65.00 to $63.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Jefferies Financial Group decreased their target price on shares of EQT from $77.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Truist Financial lowered their price target on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Citigroup lowered their price target on shares of EQT from $70.00 to $67.00 and set a "buy" rating for the company in a report on Tuesday, July 28th. Finally, Capital One Financial lifted their price target on EQT from $64.00 to $68.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $68.08.

EQT Stock Down 1.5%

Shares of EQT opened at $52.78 on Wednesday. The firm has a fifty day moving average price of $52.13 and a 200-day moving average price of $56.53. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $33.01 billion, a P/E ratio of 12.25 and a beta of 0.58. EQT Corporation has a 12-month low of $47.94 and a 12-month high of $68.24.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.The company's quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. Equities research analysts expect that EQT Corporation will post 4.08 earnings per share for the current year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be issued a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, August 5th. EQT's dividend payout ratio is currently 15.31%.

EQT Profile

EQT Corporation NYSE: EQT is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT's primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.

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