PNC Financial Services Group Inc. Grows Holdings in EQT Corporation (NYSE:EQT)

Key Points

• PNC Financial Services Group Inc. increased its stake in EQT Corporation by 10.6%, acquiring an additional 14,924 shares, bringing their total holdings to 156,107 shares worth approximately $8.34 million.
• EQT's recent quarterly earnings showed a miss of estimates, with earnings per share of $0.45 compared to the expected $0.52, along with a reported revenue of $1.60 billion versus the anticipated $1.78 billion.
• The company declared a quarterly dividend of $0.1575, which will be paid out to shareholders on September 2nd, representing an annualized payout of $0.63 with a yield of 1.2%.

PNC Financial Services Group Inc. grew its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 10.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 156,107 shares of the oil and gas producer's stock after purchasing an additional 14,924 shares during the period. PNC Financial Services Group Inc.'s holdings in EQT were worth $8,341,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. boosted its position in shares of EQT by 46.3% during the 4th quarter. Invesco Ltd. now owns 13,143,774 shares of the oil and gas producer's stock worth $606,059,000 after acquiring an additional 4,162,065 shares in the last quarter. Slate Path Capital LP acquired a new position in EQT in the fourth quarter valued at approximately $123,575,000. Castle Hook Partners LP increased its stake in EQT by 199.5% in 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 last quarter. Capital International Investors increased its stake in EQT by 21.3% in 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 last quarter. Finally, Encompass Capital Advisors LLC acquired a new stake in EQT during the fourth quarter worth approximately $59,627,000. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

EQT Trading Down 0.4%

NYSE EQT traded down $0.20 during mid-day trading on Thursday, reaching $51.26. 4,371,580 shares of the stock were exchanged, compared to its average volume of 9,856,328. The stock has a market capitalization of $31.99 billion, a PE ratio of 27.71, a PEG ratio of 0.35 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 1-year low of $30.25 and a 1-year high of $61.02. The business's fifty day simple moving average is $55.77 and its 200 day simple moving average is $53.15.

EQT (NYSE:EQT - Get Free Report) last posted 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). The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.78 billion. EQT had a return on equity of 6.24% and a net margin of 15.87%. During the same quarter last year, the business earned ($0.08) EPS. On average, research analysts anticipate that EQT Corporation will post 3.27 earnings per share for the current fiscal year.

EQT Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on EQT shares. Scotiabank reaffirmed a "sector perform" rating and issued a $66.00 target price (up from $62.00) on shares of EQT in a research report on Friday, July 11th. Stephens cut their target price on EQT from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Piper Sandler upped their target price on EQT from $48.00 to $49.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Roth Capital initiated coverage on EQT in a research report on Tuesday, June 24th. They set a "buy" rating and a $69.00 price target on the stock. Finally, Royal Bank Of Canada increased their price objective on EQT from $55.00 to $60.00 and gave the company a "sector perform" rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, EQT presently has an average rating of "Moderate Buy" and a consensus target price of $60.84.

Insider Activity at EQT

In related news, Director Vicky A. Bailey sold 4,259 shares of EQT stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $51.56, for a total value of $219,594.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Sarah Fenton sold 12,438 shares of the company'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 sale, 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 disclosure for this sale can be found here. 0.65% of the stock is currently owned by company insiders.

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.