EQT (NYSE:EQT) Stock Sees Heavy Put Option Buying

EQT Corporation (NYSE:EQT) was the recipient of some unusual options trading activity on Friday. Stock traders bought 30,984 put options on the stock. This represents an increase of 116% compared to the typical daily volume of 14,315 put options.

EQT Trading Up 2.1%

EQT traded up $1.14 on Friday, reaching $55.81. 2,840,509 shares of the company traded hands, compared to its average volume of 8,143,188. The company has a market cap of $34.91 billion, a P/E ratio of 12.96 and a beta of 0.66. 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 has a one year low of $47.94 and a one year high of $68.24. The firm has a fifty day simple moving average of $53.01 and a two-hundred day simple moving average of $53.93.

EQT (NYSE:EQT) last released its quarterly earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share 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 firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the business posted $0.45 earnings per share. The firm’s quarterly revenue was down 29.2% on a year-over-year basis. As a group, equities research analysts expect that EQT will post 3.93 earnings per share for the current year.

EQT Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Wednesday, November 4th will be issued a $0.17 dividend. This is a boost from EQT’s previous quarterly dividend of $0.1650. The ex-dividend date of this dividend is Wednesday, November 4th. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. EQT’s payout ratio is presently 15.31%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on EQT shares. Wall Street Zen cut EQT from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Morgan Stanley lowered their price target 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. Weiss Ratings downgraded EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Mizuho dropped their price target on shares of EQT from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Thursday, October 15th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of EQT in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.64.

Insider Transactions at EQT

In other news, CEO Toby Rice sold 175,328 shares of the stock in a transaction on 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 directly owned 2,157,865 shares of the company’s stock, valued at approximately $118,747,310.95. This represents a 7.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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.

Institutional Investors Weigh In On EQT

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of EQT in the 2nd quarter valued at $3,204,125,000. State Street Corp raised its position in EQT by 3.7% during the second quarter. State Street Corp now owns 39,679,249 shares of the oil and gas producer’s stock worth $2,109,746,000 after acquiring an additional 1,398,316 shares during the last quarter. Wellington Management Group LLP increased its position in EQT by 41.4% during the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock worth $1,199,807,000 after purchasing an additional 6,603,286 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in EQT during the second quarter worth about $512,148,000. Finally, Bank of America Corp DE lifted its stake in shares of EQT by 7.2% in the 2nd 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. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

EQT Company Profile

EQT Corporation is a natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania. The company develops and operates unconventional oil and gas properties, with a primary focus on natural gas and natural gas liquids produced from shale formations.

EQT’s operations are concentrated in the Appalachian Basin, particularly the Marcellus and Utica shale formations in Pennsylvania, West Virginia and Ohio. Its activities include drilling, completion, production and management of natural gas wells, along with related gathering and infrastructure operations that support the transportation of its products to market.

The company traces its roots to Equitable Gas, founded in 1878, and has evolved through multiple stages of expansion and restructuring in the U.S.