Hiddenite Capital Partners LP Sells 144,000 Shares of EQT Corporation $EQT

Key Points

• Hiddenite Capital Partners LP has significantly reduced its stake in EQT Corporation, cutting its holdings by 67.3% to 70,000 shares in the first quarter.
• EQT recently reported quarterly earnings of $0.45 per share, missing analysts' estimates of $0.52, and reported a revenue of $1.60 billion, falling short of forecasts.
• The company declared a quarterly dividend of $0.1575 per share, reflecting a 1.2% dividend yield, with payments scheduled for September 2nd.

Hiddenite Capital Partners LP trimmed its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 67.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,000 shares of the oil and gas producer's stock after selling 144,000 shares during the quarter. EQT makes up about 1.3% of Hiddenite Capital Partners LP's investment portfolio, making the stock its 23rd largest holding. Hiddenite Capital Partners LP's holdings in EQT were worth $3,740,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC lifted its holdings in shares of EQT by 14.1% during the 1st quarter. Larson Financial Group LLC now owns 1,582 shares of the oil and gas producer's stock valued at $85,000 after buying an additional 196 shares during the last quarter. Fidelis Capital Partners LLC lifted its holdings in EQT by 2.6% in the 1st quarter. Fidelis Capital Partners LLC now owns 8,281 shares of the oil and gas producer's stock worth $416,000 after purchasing an additional 207 shares during the last quarter. Generali Investments Management Co LLC lifted its holdings in EQT by 14.1% in the 1st quarter. Generali Investments Management Co LLC now owns 1,711 shares of the oil and gas producer's stock worth $91,000 after purchasing an additional 211 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its holdings in EQT by 3.9% in the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 5,783 shares of the oil and gas producer's stock worth $309,000 after purchasing an additional 219 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in EQT by 48.4% in the 1st quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer's stock worth $37,000 after purchasing an additional 226 shares during the last quarter. 90.81% of the stock is currently owned by institutional investors and hedge funds.

EQT Price Performance

EQT stock traded down $0.47 on Monday, reaching $51.90. The company's stock had a trading volume of 6,310,318 shares, compared to its average volume of 6,522,401. 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 company has a market cap of $32.39 billion, a price-to-earnings ratio of 28.05, a PEG ratio of 0.41 and a beta of 0.58. The business's fifty day moving average price is $54.04 and its 200 day moving average price is $53.10. EQT Corporation has a twelve month low of $31.45 and a twelve month high of $61.02.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.78 billion. EQT had a return on equity of 6.24% and a net margin of 15.87%.During the same period in the prior year, the firm posted ($0.08) EPS. Equities analysts expect that EQT Corporation will post 3.27 earnings per share for the current fiscal year.

EQT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th will be paid a dividend of $0.1575 per share. This represents a $0.63 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 6th. EQT's dividend payout ratio is 34.05%.

Insider Buying and Selling at EQT

In other news, EVP Sarah Fenton sold 12,438 shares of the company's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $51.94, for a total transaction of $646,029.72. Following the transaction, the executive vice president owned 13,297 shares of the company's stock, valued at $690,646.18. This represents 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 company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total value of $219,594.04. The disclosure for this sale can be found here. Corporate insiders own 0.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EQT. Morgan Stanley restated an "overweight" rating on shares of EQT in a report on Tuesday, July 15th. Melius Research assumed coverage on EQT in a report on Wednesday, August 20th. They issued a "buy" rating and a $64.00 target price for the company. Piper Sandler lifted their price target on EQT from $48.00 to $49.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Mizuho raised EQT to an "outperform" rating and set a $66.00 price target on the stock in a research report on Tuesday, July 8th. Finally, Barclays lifted their price target on EQT from $65.00 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 23rd. Fifteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $62.14.

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.