QRG Capital Management Inc. Grows Stock Position in EQT Corporation $EQT

Key Points

• QRG Capital Management increased its EQT stake by 156.2% in the second quarter, bringing its holdings to 93,774 shares valued at approximately $4.99 million. Institutional investors collectively own 90.81% of EQT.
• EQT’s latest quarterly results fell short of expectations, with adjusted earnings of $0.39 per share versus the $0.41 consensus estimate and revenue of $1.68 billion versus $1.76 billion expected. Revenue declined 29.2% year over year.
• Despite the earnings miss, analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $68.18, compared with the stock’s reported price of $50.79.

QRG Capital Management Inc. lifted its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 156.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,774 shares of the oil and gas producer's stock after buying an additional 57,179 shares during the period. QRG Capital Management Inc.'s holdings in EQT were worth $4,986,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in EQT. Parallel Advisors LLC grew its stake in shares of EQT by 1.0% in the fourth quarter. Parallel Advisors LLC now owns 19,075 shares of the oil and gas producer's stock worth $1,022,000 after purchasing an additional 198 shares during the last quarter. Root Financial Partners LLC increased its position in EQT by 35.4% during the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock valued at $49,000 after buying an additional 202 shares in the last quarter. Rothschild Investment LLC raised its position in shares of EQT by 0.5% in the 4th quarter. Rothschild Investment LLC now owns 46,582 shares of the oil and gas producer's stock worth $2,497,000 after purchasing an additional 215 shares during the last quarter. RFG Advisory LLC raised its holdings in EQT by 3.2% in the second quarter. RFG Advisory LLC now owns 7,033 shares of the oil and gas producer's stock worth $374,000 after buying an additional 216 shares during the last quarter. Finally, Anchor Investment Management LLC raised its holdings in EQT by 76.0% in the 2nd quarter. Anchor Investment Management LLC now owns 528 shares of the oil and gas producer's stock worth $28,000 after acquiring an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

Insider Buying and Selling at EQT

In related news, CEO Toby Rice sold 175,328 shares of the business's stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the transaction, the chief executive officer directly owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by insiders.

EQT Price Performance

EQT stock opened at $50.79 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market cap of $31.77 billion, a price-to-earnings ratio of 11.78 and a beta of 0.58. The firm has a 50-day moving average of $53.10 and a two-hundred day moving average of $55.54. EQT Corporation has a 1 year low of $47.94 and a 1 year high of $68.24.

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 (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The business's quarterly revenue was down 29.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. On average, research analysts forecast that EQT Corporation will post 3.92 earnings per share for the current year.

EQT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th were paid a $0.1650 dividend. This represents a $0.66 annualized dividend and a yield of 1.3%. The ex-dividend date was Wednesday, August 5th. EQT's dividend payout ratio (DPR) is 15.31%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Stifel Nicolaus began coverage on shares of EQT in a research note on Wednesday, September 9th. They set a "buy" rating and a $66.00 target price on the stock. Jefferies Financial Group reduced their price target on shares of EQT from $77.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Freedom Capital upgraded shares of EQT to a "strong-buy" rating in a research report on Tuesday, June 30th. Barclays decreased their price objective on EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a research note on Monday, August 17th. Finally, Truist Financial decreased their price objective on shares of EQT from $74.00 to $65.00 and set a "buy" rating on the stock in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $68.18.

About EQT

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company primarily develops and operates unconventional oil and gas properties in the Appalachian Basin, with a focus on natural gas production from the Marcellus and Utica shale formations.

EQT's products include natural gas, natural gas liquids and condensate. Its operations span drilling, well completion, production and related gathering activities, supporting the delivery of energy to utilities, industrial customers, marketers and other buyers.

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