Energy Income Partners LLC Invests $21.60 Million in EQT Corporation $EQT

Energy Income Partners LLC purchased a new stake in shares of EQT Corporation (NYSE:EQT) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 406,270 shares of the oil and gas producer’s stock, valued at approximately $21,601,000.

Other large investors have also recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. acquired a new stake in EQT during the second quarter worth $517,000. Meeder Asset Management Inc. acquired a new position in shares of EQT in the 2nd quarter valued at $26,000. Citizens Financial Group Inc. RI purchased a new position in shares of EQT during the 2nd quarter worth $7,648,000. K.J. Harrison & Partners Inc purchased a new position in shares of EQT during the 2nd quarter worth $1,861,000. Finally, BlackRock Inc. acquired a new stake in shares of EQT during the 2nd quarter worth about $3,204,125,000. 90.81% of the stock is currently owned by institutional investors and hedge funds.

EQT Price Performance

EQT stock opened at $53.18 on Wednesday. The stock has a market cap of $33.27 billion, a P/E ratio of 12.34 and a beta of 0.58. The company has a fifty day simple moving average of $51.88 and a 200-day simple moving average of $56.51. EQT Corporation has a 12-month low of $47.94 and a 12-month high of $68.24. 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 (NYSE:EQT) last posted its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.45 EPS. The business’s quarterly revenue was down 29.2% compared to the same quarter last year. Equities analysts expect that EQT Corporation will post 4.06 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th will be issued a $0.165 dividend. The ex-dividend date is 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 Buying and Selling at EQT

In other news, CEO Toby Z. Rice sold 175,328 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 274,042 shares of company stock worth $15,005,076. 0.72% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

EQT has been the topic of several research analyst reports. Capital One Financial boosted their price objective on shares of EQT from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of EQT in a research note on Thursday, July 30th. Stephens lifted their price target on shares of EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Barclays decreased their price objective on shares of EQT from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Truist Financial dropped their target price on shares of EQT from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, EQT has an average rating of “Moderate Buy” and an average price target of $68.48.

EQT 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.