Palogic Value Management L.P. Boosts Holdings in EQT Corporation $EQT

Palogic Value Management L.P. boosted its stake in shares of EQT Corporation (NYSE:EQT) by 96.6% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 19,198 shares of the oil and gas producer’s stock after purchasing an additional 9,433 shares during the period. Palogic Value Management L.P.’s holdings in EQT were worth $1,021,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of EQT. Greykasell Wealth Strategies Inc. acquired a new stake in EQT during the fourth quarter worth about $26,000. Meeder Asset Management Inc. purchased a new stake in EQT in the 2nd quarter worth approximately $26,000. Community Bank N.A. increased its holdings in shares of EQT by 198.9% during the 2nd quarter. Community Bank N.A. now owns 523 shares of the oil and gas producer’s stock valued at $28,000 after purchasing an additional 348 shares in the last quarter. Wedbush Fund Advisers LLC lifted its stake in shares of EQT by 251.8% in the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer’s stock valued at $31,000 after purchasing an additional 413 shares during the period. Finally, Continuum Advisory LLC purchased a new stake in EQT during the second quarter worth $32,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Insider Activity

In other news, CEO Toby Rice sold 175,328 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 2,157,865 shares in the company, valued at $118,747,310.95. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EQT. The Goldman Sachs Group decreased their price objective on shares of EQT from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. BMO Capital Markets reduced their price target on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. JPMorgan Chase & Co. dropped their price objective on EQT from $72.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, June 23rd. Freedom Capital raised EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. Finally, Stifel Nicolaus set a $66.00 price target on shares of EQT in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $68.00.

EQT Price Performance

Shares of EQT stock opened at $54.61 on Thursday. The stock has a market capitalization of $34.16 billion, a P/E ratio of 12.67 and a beta of 0.58. The business has a 50 day simple moving average of $52.82 and a two-hundred day simple moving average of $56.26. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67.

EQT (NYSE:EQT) last issued its quarterly 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 return on equity of 9.31% and a net margin of 28.44%.The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the firm posted $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 fiscal year.

EQT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th were issued a dividend of $0.165 per share. The ex-dividend date of this dividend was 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%.

EQT 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.