Bank of New York Mellon Corp Lowers Stock Holdings in EQT Co. (NYSE:EQT)

Bank of New York Mellon Corp cut its holdings in shares of EQT Co. (NYSE:EQT) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 23,113,369 shares of the oil and gas producer’s stock after selling 261,840 shares during the quarter. Bank of New York Mellon Corp owned about 3.87% of EQT worth $1,065,757,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in shares of EQT by 38.7% during the 3rd quarter. Wellington Management Group LLP now owns 74,153,050 shares of the oil and gas producer’s stock valued at $2,716,968,000 after acquiring an additional 20,700,921 shares during the last quarter. State Street Corp grew its holdings in EQT by 24.5% in the third quarter. State Street Corp now owns 37,095,597 shares of the oil and gas producer’s stock valued at $1,359,183,000 after purchasing an additional 7,290,822 shares during the period. Geode Capital Management LLC increased its position in EQT by 34.4% during the third quarter. Geode Capital Management LLC now owns 13,997,574 shares of the oil and gas producer’s stock worth $511,159,000 after purchasing an additional 3,582,418 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in EQT by 386.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,347,660 shares of the oil and gas producer’s stock worth $205,830,000 after purchasing an additional 3,454,741 shares during the period. Finally, Holocene Advisors LP acquired a new position in shares of EQT in the 3rd quarter valued at $97,979,000. 90.81% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Thomas F. Karam sold 30,154 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $44.83, for a total transaction of $1,351,803.82. Following the transaction, the director now owns 201,608 shares of the company’s stock, valued at approximately $9,038,086.64. This trade represents a 13.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.63% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EQT shares. UBS Group upped their price objective on EQT from $49.00 to $54.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Piper Sandler upped their price target on EQT from $34.00 to $35.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 29th. Mizuho raised EQT from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $48.00 to $57.00 in a research note on Monday, December 16th. Morgan Stanley increased their target price on shares of EQT from $45.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, November 25th. Finally, Sanford C. Bernstein upgraded shares of EQT from a “market perform” rating to an “outperform” rating and set a $73.00 price target on the stock in a report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $52.17.

EQT Trading Down 0.4 %

NYSE:EQT opened at $50.02 on Tuesday. The stock has a market cap of $29.88 billion, a price-to-earnings ratio of 125.04, a price-to-earnings-growth ratio of 0.64 and a beta of 1.08. EQT Co. has a one year low of $30.02 and a one year high of $56.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.51 and a current ratio of 0.70. The business’s 50-day simple moving average is $49.77 and its 200 day simple moving average is $42.01.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. EQT had a return on equity of 4.35% and a net margin of 4.37%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.81 billion. As a group, sell-side analysts predict that EQT Co. will post 3.27 earnings per share for the current fiscal year.

EQT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a dividend of $0.1575 per share. The ex-dividend date is Tuesday, February 18th. This represents a $0.63 dividend on an annualized basis and a yield of 1.26%. EQT’s dividend payout ratio (DPR) is 157.50%.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.