Invesco Ltd. Sells 1,352,115 Shares of EQT Corporation (NYSE:EQT)

Key Points

• Invesco Ltd. has reduced its stake in EQT Corporation by 10.3%, selling 1,352,115 shares, and now holds about 1.97% of the company valued at $630 million.
• EQT's latest quarterly earnings reported an Earnings Per Share (EPS) of $0.45, missing expectations by $0.07, with revenue of $1.60 billion compared to forecasts of $1.78 billion.
• The company has declared a quarterly dividend of $0.1575 per share, the payout ratio is 34.05%, reflecting a dividend yield of 1.2% for investors.

Invesco Ltd. cut its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 10.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,791,659 shares of the oil and gas producer's stock after selling 1,352,115 shares during the period. Invesco Ltd. owned about 1.97% of EQT worth $630,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of EQT. Slate Path Capital LP bought a new stake in shares of EQT during the fourth quarter valued at approximately $123,575,000. Castle Hook Partners LP increased its position in shares of EQT by 199.5% during the fourth quarter. Castle Hook Partners LP now owns 3,990,714 shares of the oil and gas producer's stock valued at $184,012,000 after purchasing an additional 2,658,375 shares during the period. Capital International Investors increased its position in shares of EQT by 21.3% during the fourth quarter. Capital International Investors now owns 13,855,244 shares of the oil and gas producer's stock valued at $638,867,000 after purchasing an additional 2,433,632 shares during the period. Vanguard Group Inc. increased its position in shares of EQT by 2.1% during the first 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. Finally, Encompass Capital Advisors LLC bought a new stake in shares of EQT during the fourth quarter valued at approximately $59,627,000. 90.81% of the stock is currently owned by institutional investors.

EQT Price Performance

EQT stock opened at $51.29 on Friday. 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 firm has a market cap of $32.01 billion, a P/E ratio of 27.72, a P/E/G ratio of 0.36 and a beta of 0.59. The business's fifty day moving average is $55.70 and its two-hundred day moving average is $53.13. EQT Corporation has a 52 week low of $30.59 and a 52 week high of $61.02.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $1.78 billion. During the same period last year, the company earned ($0.08) EPS. Equities research analysts forecast 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.

Analysts Set New Price Targets

A number of analysts have recently issued reports on EQT shares. Wells Fargo & Company boosted their price objective on EQT from $59.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. UBS Group reaffirmed a "buy" rating on shares of EQT in a research note on Monday, July 14th. Barclays boosted their price target on EQT from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd. Piper Sandler boosted their price target on EQT from $48.00 to $49.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Finally, Stephens decreased their price target on EQT from $59.00 to $57.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, EQT has an average rating of "Moderate Buy" and a consensus price target of $60.84.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.