State Street Corp Acquires 1,398,316 Shares of EQT Corporation $EQT

Key Points

• State Street increased its EQT position by 3.7%, purchasing 1.4 million additional shares and bringing its holdings to 39.7 million shares, or 6.34% of the company. Institutional investors and hedge funds collectively own 90.81% of EQT.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $68.14, despite several recent target reductions.
• EQT’s latest quarter fell short of expectations, reporting $0.39 in earnings per share and $1.68 billion in revenue, while revenue declined 29.2% year over year. The company continues to pay a quarterly dividend of $0.165 per share, equivalent to a 1.3% yield.

State Street Corp lifted its holdings in shares of EQT Corporation (NYSE:EQT - Free Report) by 3.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,679,249 shares of the oil and gas producer's stock after purchasing an additional 1,398,316 shares during the quarter. State Street Corp owned 6.34% of EQT worth $2,109,746,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Reaves W H & Co. Inc. increased its position in shares of EQT by 12.9% in the fourth quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer's stock worth $62,282,000 after purchasing an additional 132,741 shares during the period. Bank of America Corp DE raised its stake in EQT by 7.2% in the second quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer's stock valued at $225,478,000 after purchasing an additional 284,244 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in EQT during the second quarter worth about $163,705,000. Allstate Corp grew its stake in EQT by 114.0% during the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer's stock worth $2,601,000 after buying an additional 25,852 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in EQT during the second quarter worth about $6,477,000. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of EQT from $72.00 to $68.00 and set an "overweight" rating for the company in a research report on Tuesday, June 23rd. Jefferies Financial Group decreased their price objective on shares of EQT from $77.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Truist Financial lowered their price objective on shares of EQT from $74.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, June 24th. Morgan Stanley cut their target price on EQT from $68.00 to $67.00 and set an "overweight" rating for the company in a research note on Wednesday, August 19th. Finally, Stifel Nicolaus assumed coverage on EQT in a report on Wednesday, September 9th. They issued a "buy" rating and a $66.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $68.14.

EQT Trading Up 1.4%

NYSE EQT opened at $50.84 on Wednesday. The firm has a market capitalization of $31.80 billion, a PE ratio of 11.80 and a beta of 0.58. The business's 50-day moving average price is $52.99 and its two-hundred day moving average price is $55.72. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. EQT's revenue was down 29.2% compared to the same quarter last year. On average, analysts expect that EQT Corporation will post 3.92 EPS for the current year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th were paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, August 5th. EQT's dividend payout ratio (DPR) is currently 15.31%.

More EQT News

Here are the key news stories impacting EQT this week:

• Positive Sentiment: CEO Toby Rice said EQT expects to produce more U.S. natural gas in 2026 while spending less than in the prior year. The combination could improve operating efficiency and free cash flow if gas prices and demand remain supportive, although higher production could also pressure prices. EQT sees higher 2026 US natgas output on lower spending, CEO says
• Positive Sentiment: EQT was advised on what is described as the first long-term gas supply contract between Lithuania and the United States. The agreement could support long-term demand for U.S. natural gas and strengthen EQT’s access to international markets, though the article does not disclose contract volumes or financial terms. Kirkland Advises EQT on First Long-Term Gas Supply Contract Between Lithuania and the U.S.
• Neutral Sentiment: Reports that EQT is buying a 5.2-million-square-foot Southern California logistics portfolio appear to concern an EQT real-estate investment affiliate, not EQT Corporation’s publicly traded natural-gas business. The transaction should not materially affect EQT’s reported energy results. EQT Buys 5.2M SF Southern California Logistics Portfolio
• Neutral Sentiment: EQT AB’s purchase of environmental-services company Urbaser for $6.6 billion and its unsuccessful takeover attempts involving Australia’s Perpetual are private-equity developments involving a different company. They may create headline confusion but do not directly change EQT Corporation’s production, revenue or balance sheet. Platinum Equity completes $6.6bn sale of Urbaser to Blackstone and EQT

Insiders Place Their Bets

In related news, CEO Toby Rice sold 175,328 shares of the business's stock in a transaction on 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 transaction, the chief executive officer owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by corporate insiders.

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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