EQT Sees Unusually High Options Volume (NYSE:EQT)

Key Points

• Unusual bearish options activity: Traders purchased 23,008 EQT put options, about 66% above typical volume, while the stock fell 3.1% to $51.48.
• Recent operating results missed expectations: EQT reported quarterly EPS of $0.39 versus the $0.41 consensus estimate, revenue of $1.68 billion versus $1.76 billion expected, and a 29.2% year-over-year revenue decline.
• Analysts remain broadly optimistic: EQT carries a “Moderate Buy” consensus rating with an average price target of $68.18, and the company maintains a quarterly dividend of $0.165 per share.

EQT Corporation (NYSE:EQT - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 23,008 put options on the stock. This represents an increase of approximately 66% compared to the typical volume of 13,861 put options.

EQT Stock Down 3.1%

NYSE:EQT traded down $1.64 during midday trading on Wednesday, reaching $51.48. The company had a trading volume of 3,696,496 shares, compared to its average volume of 8,200,979. EQT has a 12-month low of $47.94 and a 12-month high of $68.24. The firm has a market capitalization of $32.20 billion, a price-to-earnings ratio of 11.94 and a beta of 0.58. 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 stock's fifty day simple moving average is $52.95 and its 200-day simple moving average is $56.10.

EQT (NYSE:EQT - Get Free Report) last posted its quarterly earnings results 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). The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. EQT's revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. On average, sell-side analysts anticipate that EQT will post 3.96 earnings per share for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th were issued a $0.165 dividend. The ex-dividend date was Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.3%. EQT's dividend payout ratio is presently 15.31%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on EQT. Freedom Capital upgraded EQT to a "strong-buy" rating in a report on Tuesday, June 30th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of EQT in a research report on Thursday, July 30th. UBS Group boosted their price target on shares of EQT from $73.00 to $77.00 and gave the stock a "buy" rating in a research note on Monday. Barclays reduced their price target on shares of EQT from $70.00 to $68.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Finally, Citigroup lowered their price objective on shares of EQT from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Tuesday, July 28th. Two research 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 company. Based on data from MarketBeat, EQT presently has an average rating of "Moderate Buy" and an average target price of $68.18.

Insider Transactions at EQT

In other EQT news, CEO Toby Rice sold 175,328 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the sale, the chief executive officer owned 2,157,865 shares of the company's stock, valued at $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 currently owned by insiders.

Institutional Investors Weigh In On EQT

Institutional investors have recently added to or reduced their stakes in the business. Greykasell Wealth Strategies Inc. purchased a new stake in shares of EQT during the 4th quarter worth approximately $26,000. Meeder Asset Management Inc. acquired a new stake in EQT during the 2nd quarter worth $26,000. Community Bank N.A. raised its stake in EQT by 198.9% during the 2nd quarter. Community Bank N.A. now owns 523 shares of the oil and gas producer's stock worth $28,000 after acquiring an additional 348 shares in the last quarter. Anchor Investment Management LLC lifted its position in EQT by 76.0% in the second quarter. Anchor Investment Management LLC now owns 528 shares of the oil and gas producer's stock valued at $28,000 after acquiring an additional 228 shares during the last quarter. Finally, Wedbush Fund Advisers LLC lifted its position in EQT by 251.8% in the second quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer's stock valued at $31,000 after acquiring an additional 413 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company's stock.

EQT Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.