HITE Hedge Asset Management LLC Sells 1,101,352 Shares of EQT Corporation $EQT

Key Points

• HITE Hedge Asset Management LLC sold 1,101,352 shares of EQT Corporation, reducing its stake by 92.2%, leaving it with just 93,575 shares valued at $5 million.
• EQT reported earnings of $0.45 per share for the last quarter, falling short of analyst estimates by $0.07 and has a market cap of $32.96 billion.
• The company has declared a quarterly dividend of $0.1575 per share, to be paid on September 2nd, indicating a 1.2% dividend yield.

HITE Hedge Asset Management LLC trimmed its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 92.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 93,575 shares of the oil and gas producer's stock after selling 1,101,352 shares during the period. HITE Hedge Asset Management LLC's holdings in EQT were worth $5,000,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of EQT. Zions Bancorporation National Association UT bought a new stake in EQT in the 1st quarter valued at $35,000. Harbour Investments Inc. raised its holdings in shares of 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 buying an additional 226 shares in the last quarter. University of Texas Texas AM Investment Management Co. boosted its stake in EQT by 47.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 960 shares of the oil and gas producer's stock valued at $44,000 after buying an additional 310 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in EQT in the fourth quarter valued at $55,000. Finally, Hazlett Burt & Watson Inc. raised its stake in EQT by 197.4% during the first quarter. Hazlett Burt & Watson Inc. now owns 1,383 shares of the oil and gas producer's stock worth $73,000 after acquiring an additional 918 shares in the last quarter. Institutional investors own 90.81% of the company's stock.

EQT Stock Up 1.5%

Shares of EQT opened at $52.81 on Monday. The firm has a market cap of $32.96 billion, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 0.37 and a beta of 0.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.71 and a current ratio of 0.71. EQT Corporation has a 52 week low of $31.42 and a 52 week high of $61.02. The firm's 50-day simple moving average is $55.28 and its 200 day simple moving average is $53.16.

EQT (NYSE:EQT - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.07). EQT had a return on equity of 6.24% and a net margin of 15.87%. The firm 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 posted ($0.08) EPS. On average, analysts forecast that EQT Corporation will post 3.27 earnings per share for the current year.

EQT Announces Dividend

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

Analyst Ratings Changes

EQT has been the topic of several research analyst reports. Roth Capital cut shares of EQT to a "neutral" rating in a research note on Monday. Piper Sandler boosted their price objective on EQT from $48.00 to $49.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Morgan Stanley reaffirmed an "overweight" rating on shares of EQT in a report on Tuesday, July 15th. Royal Bank Of Canada boosted their target price 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. Finally, Scotiabank reissued a "sector perform" rating and issued a $68.00 price target (up previously from $66.00) on shares of EQT in a report on Wednesday, August 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, EQT currently has an average rating of "Moderate Buy" and an average price target of $60.95.

Insider Activity at EQT

In related news, EVP Sarah Fenton sold 12,438 shares of the business's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $51.94, for a total value of $646,029.72. Following the completion of the transaction, the executive vice president owned 13,297 shares of the company's stock, valued at $690,646.18. The trade was a 48.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vicky A. Bailey sold 4,259 shares of the company's stock in a transaction dated Wednesday, August 6th. The stock was 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. Insiders own 0.65% of the company's stock.

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.

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