EQT Corporation $EQT Holdings Lessened by MBB Public Markets I LLC

Key Points

• MBB Public Markets I LLC reduced its stake in EQT Corporation by 16.1%, holding 667,726 shares worth approximately $35.68 million as of the latest reporting period.
• EQT reported a miss in quarterly earnings with $0.45 in earnings per share, below the expected $0.52, and had a revenue of $1.60 billion compared to expectations of $1.78 billion.
• The company declared a quarterly dividend of $0.1575 per share, resulting in an annualized dividend yield of 1.2% with a payout ratio of 34.05%.

MBB Public Markets I LLC lessened its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 667,726 shares of the oil and gas producer's stock after selling 127,816 shares during the quarter. EQT makes up 3.9% of MBB Public Markets I LLC's holdings, making the stock its 6th biggest position. MBB Public Markets I LLC owned about 0.11% of EQT worth $35,677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of EQT by 2.1% in 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. Northern Trust Corp grew its position in shares of EQT by 2.0% in the first quarter. Northern Trust Corp now owns 5,692,985 shares of the oil and gas producer's stock valued at $304,176,000 after purchasing an additional 113,716 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of EQT by 2.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 5,204,106 shares of the oil and gas producer's stock valued at $278,055,000 after purchasing an additional 110,249 shares during the period. Neuberger Berman Group LLC grew its position in shares of EQT by 10.3% in the first quarter. Neuberger Berman Group LLC now owns 5,191,780 shares of the oil and gas producer's stock valued at $277,397,000 after purchasing an additional 484,671 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of EQT by 7.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,658,814 shares of the oil and gas producer's stock valued at $251,017,000 after purchasing an additional 311,154 shares during the period. Institutional investors and hedge funds own 90.81% of the company's stock.

EQT Price Performance

NYSE EQT traded down $0.02 during trading hours on Friday, hitting $50.94. 4,746,454 shares of the company's stock traded hands, compared to its average volume of 6,170,850. EQT Corporation has a 52-week low of $32.83 and a 52-week high of $61.02. The company has a market capitalization of $31.79 billion, a PE ratio of 27.54, a PEG ratio of 0.42 and a beta of 0.58. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.71 and a quick ratio of 0.71. The firm's 50-day moving average is $52.94 and its 200-day moving average is $53.05.

EQT (NYSE:EQT - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $1.78 billion. During the same period in the prior year, the company posted ($0.08) EPS. Equities analysts forecast that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 6th were issued a $0.1575 dividend. This represents a $0.63 annualized dividend and a yield of 1.2%. The ex-dividend date was Wednesday, August 6th. EQT's payout ratio is presently 34.05%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Melius assumed coverage on shares of EQT in a research report on Wednesday, August 20th. They issued a "buy" rating and a $64.00 target price on the stock. Scotiabank lifted their target price on shares of EQT from $66.00 to $68.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 13th. Piper Sandler lifted their target price on shares of EQT from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Bank of America lifted their target price on shares of EQT from $63.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, August 22nd. Finally, Morgan Stanley restated an "overweight" rating on shares of EQT in a research report on Tuesday, July 15th. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $62.14.

Insider Activity

In other EQT news, EVP Sarah Fenton sold 12,438 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $51.94, for a total value of $646,029.72. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Vicky A. Bailey sold 4,259 shares of the business's stock in a transaction dated 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. Insiders own 0.65% of the company's stock.

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.