Korea Investment CORP Acquires Shares of 378,303 EQT Corporation $EQT

Korea Investment CORP acquired a new stake in EQT Corporation (NYSE:EQT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 378,303 shares of the oil and gas producer’s stock, valued at approximately $20,114,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. EP Wealth Advisors LLC acquired a new stake in shares of EQT in the second quarter valued at about $596,000. Ieq Capital LLC acquired a new position in EQT during the 2nd quarter worth approximately $401,000. Callan Family Office LLC acquired a new position in EQT during the 2nd quarter worth approximately $1,424,000. Laidlaw Wealth Management LLC purchased a new position in EQT in the 2nd quarter worth approximately $297,000. Finally, Keating Financial Advisory Services Inc. purchased a new position in EQT in the 2nd quarter worth approximately $53,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on EQT. 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 report on Tuesday, July 28th. Wall Street Zen cut shares of EQT from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Zacks Research downgraded shares of EQT from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Capital One Financial lifted their price target on shares of EQT from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Finally, Morgan Stanley cut their price objective on shares of EQT from $68.00 to $67.00 and set an “overweight” rating on the stock in a report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, EQT currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.10.

Insider Transactions at EQT

In related news, CEO Toby Z. Rice sold 175,328 shares of the company’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 sale, the chief executive officer directly owned 2,157,865 shares of the company’s stock, valued at $118,747,310.95. This represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 274,042 shares of company stock valued at $15,005,076 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

EQT Price Performance

Shares of NYSE EQT opened at $53.74 on Monday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT Corporation has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The business has a 50 day moving average price of $51.99 and a two-hundred day moving average price of $56.46. The firm has a market cap of $33.62 billion, a PE ratio of 12.47 and a beta of 0.58.

EQT (NYSE:EQT) last announced its 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 business 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%. The business’s revenue for the quarter was down 29.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. Sell-side analysts expect that EQT Corporation will post 3.97 earnings per share for the current fiscal year.

EQT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be paid a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, August 5th. EQT’s payout ratio is 15.31%.

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.