NewEdge Advisors LLC Increases Stock Position in EQT Corporation $EQT

Key Points

• NewEdge Advisors LLC increased its stake in EQT Corporation by 26.9%, owning a total of 38,229 shares valued at $2.04 million after purchasing an additional 8,108 shares in the first quarter.
• During the same period, several other institutional investors also expanded their positions in EQT, with Nuveen LLC acquiring a new position valued at approximately $120.25 million and Vanguard Group increasing its stake by 2.1%.
• EQT reported a quarterly earnings miss with an EPS of $0.45 against the consensus estimate of $0.52, alongside revenue of $1.60 billion, which fell short of the expected $1.78 billion.

NewEdge Advisors LLC raised its holdings in EQT Corporation (NYSE:EQT - Free Report) by 26.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,229 shares of the oil and gas producer's stock after purchasing an additional 8,108 shares during the period. NewEdge Advisors LLC's holdings in EQT were worth $2,043,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of EQT. Nuveen LLC purchased a new position in shares of EQT during the first quarter valued at approximately $120,252,000. Vanguard Group Inc. increased its position in 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 worth $3,955,922,000 after purchasing an additional 1,509,054 shares during the last quarter. Ninepoint Partners LP increased its position in EQT by 200.0% during the first quarter. Ninepoint Partners LP now owns 1,500,000 shares of the oil and gas producer's stock worth $80,145,000 after purchasing an additional 1,000,000 shares during the last quarter. Situational Awareness LP acquired a new position in EQT during the first quarter worth approximately $52,864,000. Finally, Atalanta Sosnoff Capital LLC acquired a new position in EQT during the first quarter worth approximately $49,392,000. Hedge funds and other institutional investors own 90.81% of the company's stock.

EQT Price Performance

EQT opened at $50.97 on Friday. The company has a fifty day simple moving average of $53.03 and a 200 day simple moving average of $53.03. The firm has a market cap of $31.81 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 0.42 and a beta of 0.58. EQT Corporation has a twelve month low of $31.67 and a twelve month high of $61.02. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.32.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.07). EQT had a return on equity of 6.24% and a net margin of 15.87%.The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the previous year, the business posted ($0.08) EPS. Equities research analysts expect that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th were given a $0.1575 dividend. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Wednesday, August 6th. EQT's dividend payout ratio (DPR) is presently 34.05%.

Insider Transactions at EQT

In related news, Director Vicky A. Bailey sold 4,259 shares of the stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total value of $219,594.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Sarah Fenton sold 12,438 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $51.94, for a total transaction of $646,029.72. Following the completion of the sale, the executive vice president directly owned 13,297 shares in the company, valued at approximately $690,646.18. This trade represents a 48.33% decrease in their position. The disclosure for this sale can be found here. 0.65% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on EQT. Melius Research began coverage on shares of EQT in a research report on Wednesday, August 20th. They set a "buy" rating and a $64.00 price target for the company. Piper Sandler upped their price target on shares of EQT from $48.00 to $49.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Jefferies Financial Group reaffirmed a "buy" rating and set a $70.00 price target (up previously from $60.00) on shares of EQT in a research report on Tuesday, July 8th. Melius began coverage on shares of EQT in a research report on Wednesday, August 20th. They set a "buy" rating and a $64.00 price target for the company. Finally, Bank of America upped their price target on shares of EQT from $63.00 to $80.00 and gave the stock a "buy" rating in a research report on Friday, August 22nd. Fifteen investment 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 company presently has an average rating of "Moderate Buy" and an average price target of $62.14.

EQT Company 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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