Saudi Central Bank Grows Position in EQT Corporation $EQT

Key Points

• Saudi Central Bank increased its EQT stake by 80.4% in the second quarter, acquiring 18,519 additional shares and bringing its holdings to 41,554 shares valued at approximately $2.21 million. Institutional investors collectively own 90.81% of EQT.
• EQT reported quarterly EPS of $0.39, below the $0.41 consensus estimate, while revenue fell 29.2% year over year to $1.68 billion. The company maintains a quarterly dividend of $0.165 per share, equivalent to a 1.2% yield.
• Analysts retain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $68.10 versus the stock’s $55.11 opening price. CEO Toby Rice separately sold 175,328 shares under a pre-arranged Rule 10b5-1 plan.

Saudi Central Bank boosted its position in shares of EQT Corporation (NYSE:EQT - Free Report) by 80.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,554 shares of the oil and gas producer's stock after purchasing an additional 18,519 shares during the period. Saudi Central Bank's holdings in EQT were worth $2,209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Greykasell Wealth Strategies Inc. bought a new stake in EQT in the fourth quarter worth about $26,000. Meeder Asset Management Inc. bought a new position in shares of EQT during the second quarter valued at approximately $26,000. Wedbush Fund Advisers LLC grew its stake in shares of EQT by 251.8% during the second quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer's stock valued at $31,000 after buying an additional 413 shares during the last quarter. Continuum Advisory LLC purchased a new stake in shares of EQT in the second quarter worth approximately $32,000. Finally, Gables Capital Management Inc. purchased a new stake in shares of EQT in the second quarter worth approximately $37,000. 90.81% of the stock is owned by hedge funds and other institutional investors.

EQT Stock Down 0.1%

Shares of NYSE EQT opened at $55.11 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67. The firm has a market capitalization of $34.47 billion, a price-to-earnings ratio of 12.79 and a beta of 0.58. The stock has a 50 day moving average price of $52.74 and a 200 day moving average price of $56.31. EQT Corporation has a 52-week low of $47.94 and a 52-week high of $68.24.

EQT (NYSE:EQT - Get Free Report) last announced 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 firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.The firm's revenue for the quarter was down 29.2% compared to the same quarter last year. During the same period last year, the company earned $0.45 EPS. Sell-side analysts expect that EQT Corporation will post 3.96 earnings per share for the current year.

EQT Announces Dividend

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

Insider Activity

In other news, CEO Toby Rice sold 175,328 shares of the firm'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 owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.72% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on EQT. The Goldman Sachs Group dropped their price objective on EQT from $65.00 to $63.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Sanford C. Bernstein reiterated an "outperform" rating on shares of EQT in a research note on Thursday, July 30th. Barclays decreased their target price on EQT from $70.00 to $68.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. BMO Capital Markets lowered their target price on shares of EQT from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Finally, Stephens upped their price target on shares of EQT from $71.00 to $72.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, EQT has an average rating of "Moderate Buy" and a consensus target price of $68.10.

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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