Van ECK Associates Corp Sells 455,079 Shares of EQT Corporation $EQT

Key Points

• Van ECK Associates sharply reduced its EQT position by selling 455,079 shares, a 93.6% decrease, leaving it with 31,307 shares worth approximately $1.665 million. Institutional investors collectively own 90.81% of EQT.
• EQT’s latest quarterly results missed expectations: earnings were $0.39 per share versus the $0.41 consensus estimate, while revenue fell 29.2% year over year to $1.68 billion. The company maintains a $0.165 quarterly dividend, equivalent to a 1.2% yield.
• Analysts remain broadly positive, with EQT receiving a “Moderate Buy” consensus rating and a $68.10 average price target versus its recent $55.11 share price. CEO Toby Rice also sold 175,328 shares under a pre-arranged trading plan.

Van ECK Associates Corp lessened its position in EQT Corporation (NYSE:EQT - Free Report) by 93.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,307 shares of the oil and gas producer's stock after selling 455,079 shares during the period. Van ECK Associates Corp's holdings in EQT were worth $1,665,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Greykasell Wealth Strategies Inc. acquired a new position in shares of EQT in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new stake in EQT during the 2nd quarter worth approximately $26,000. Wedbush Fund Advisers LLC grew its holdings in EQT by 251.8% during the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 413 shares during the last quarter. Gables Capital Management Inc. bought a new stake in EQT during the 2nd quarter worth approximately $37,000. Finally, Root Financial Partners LLC increased its position in EQT by 35.4% in the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer's stock valued at $49,000 after acquiring an additional 202 shares during the period. 90.81% of the stock is currently owned by institutional investors.

EQT Stock Performance

Shares of EQT opened at $55.11 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm's fifty day simple moving average is $52.67 and its two-hundred day simple moving average is $56.35. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24. The stock has a market capitalization of $34.47 billion, a P/E ratio of 12.79 and a beta of 0.58.

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 analysts' consensus estimates of $0.41 by ($0.02). EQT had a net margin of 28.44% and a return on equity of 9.31%. The business 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. The firm's revenue for the quarter was down 29.2% compared to the same quarter last year. As a group, analysts predict that EQT Corporation will post 3.96 EPS for the current year.

EQT Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on EQT. Jefferies Financial Group reduced 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. Barclays reduced their price target on EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Zacks Research raised EQT from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 27th. The Goldman Sachs Group lowered their price objective on EQT from $65.00 to $63.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Morgan Stanley cut their price objective on EQT from $68.00 to $67.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $68.10.

Key EQT News

Here are the key news stories impacting EQT this week:

• Positive Sentiment: Analysts at Zacks reportedly increased their earnings estimates for EQT Corporation, a potentially supportive signal for the stock if the revisions reflect improving natural-gas market expectations or company-specific fundamentals. Zacks Research Brokers Boost Earnings Estimates for EQT
• Neutral Sentiment: EQT AB agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus for approximately $2 billion. McGill’s founder and CEO Steve McGill will continue to lead the business, while existing management and employees will retain significant ownership. Because this is an EQT AB private-equity transaction—not a deal by EQT Corporation—it should not directly affect the NYSE-listed energy producer’s earnings, assets, or valuation. EQT to acquire McGill and Partners
• Neutral Sentiment: Additional coverage of the McGill transaction describes it as part of private equity’s broader expansion into insurance brokerage. The repeated headlines may create ticker-name confusion, but they provide no new catalyst for EQT Corporation. EQT strikes $2bn deal for insurance broker McGill
• Negative Sentiment: A separate report says EQT is considering a fund-to-fund transfer involving AIG Hospitals, another EQT AB portfolio company. This is also unrelated to EQT Corporation and is unlikely to explain movement in EQT shares. EQT planning fund-to-fund transfer for AIG Hospitals

Insider Activity

In other news, CEO Toby Rice sold 175,328 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the sale, the chief executive officer owned 2,157,865 shares of the company's stock, valued at $118,747,310.95. This trade represents a 7.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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.

About EQT

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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