Panview Capital Ltd Acquires New Position in EQT Corporation $EQT

Key Points

• Panview Capital acquired 513,039 EQT shares worth approximately $27.3 million, making EQT about 4.8% of its portfolio and its 10th-largest holding.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $68.10, despite some recent target reductions and one strong-sell rating.
• EQT recently missed quarterly earnings and revenue estimates, while reporting a 29.2% year-over-year revenue decline. The company declared a $0.165 quarterly dividend, representing a 1.2% annualized yield.

Panview Capital Ltd acquired a new stake in shares of EQT Corporation (NYSE:EQT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 513,039 shares of the oil and gas producer's stock, valued at approximately $27,278,000. EQT makes up about 4.8% of Panview Capital Ltd's holdings, making the stock its 10th biggest holding. Panview Capital Ltd owned about 0.08% of EQT at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of EQT. Caxton Associates LLP bought a new stake in shares of EQT in the 1st quarter valued at approximately $256,000. Focus Partners Wealth lifted its stake in EQT by 9.0% during the first quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer's stock worth $1,156,000 after purchasing an additional 1,789 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in EQT by 495.2% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer's stock worth $7,468,000 after purchasing an additional 106,545 shares during the last quarter. Captrust Financial Advisors boosted its holdings in EQT by 39.4% in the second quarter. Captrust Financial Advisors now owns 30,617 shares of the oil and gas producer's stock worth $1,786,000 after purchasing an additional 8,658 shares during the period. Finally, Horizon Investments LLC boosted its holdings in EQT by 43.6% in the third quarter. Horizon Investments LLC now owns 85,502 shares of the oil and gas producer's stock worth $4,640,000 after purchasing an additional 25,971 shares during the period. Institutional investors own 90.81% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Zacks Research cut shares of EQT from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Truist Financial decreased their price target on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Barclays dropped their price objective on shares of EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. UBS Group cut their target price on shares of EQT from $74.00 to $73.00 and set a "buy" rating on the stock in a report on Wednesday, July 8th. Finally, The Goldman Sachs Group decreased their target price on EQT from $65.00 to $63.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $68.10.

EQT Stock Up 0.0%

EQT stock opened at $53.74 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. EQT Corporation has a one year low of $47.94 and a one year high of $68.24. The company has a 50-day simple moving average of $51.99 and a 200-day simple moving average of $56.46. The firm has a market capitalization of $33.62 billion, a P/E ratio of 12.47 and a beta of 0.58.

EQT (NYSE:EQT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.02). The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The company's revenue for the quarter was down 29.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, equities analysts expect that EQT Corporation will post 3.97 earnings per share for the current year.

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th will be paid a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. EQT's dividend payout ratio is presently 15.31%.

Insider Activity

In related news, CEO Toby Z. Rice sold 175,328 shares of the stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $55.03, for a total value of $9,648,299.84. Following the completion of the transaction, the chief executive officer owned 2,157,865 shares in the company, valued at $118,747,310.95. This represents a 7.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 274,042 shares of company stock valued at $15,005,076 over the last ninety days. Corporate insiders own 0.72% of the company's stock.

EQT Company Profile

EQT Corporation NYSE: EQT is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT's primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.

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