ExodusPoint Capital Management LP boosted its stake in EQT Co. (NYSE:EQT – Free Report) by 71.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 443,038 shares of the oil and gas producer’s stock after buying an additional 184,871 shares during the quarter. ExodusPoint Capital Management LP’s holdings in EQT were worth $18,222,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EQT. Raymond James Financial Services Advisors Inc. lifted its position in EQT by 12.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 31,346 shares of the oil and gas producer’s stock worth $1,079,000 after buying an additional 3,541 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of EQT during the 1st quarter worth $96,000. Great West Life Assurance Co. Can increased its stake in shares of EQT by 8.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 166,448 shares of the oil and gas producer’s stock worth $5,891,000 after purchasing an additional 12,466 shares during the last quarter. Raymond James Trust N.A. acquired a new position in shares of EQT during the 1st quarter worth $539,000. Finally, Blair William & Co. IL acquired a new position in shares of EQT during the 1st quarter worth $329,000. Hedge funds and other institutional investors own 99.44% of the company’s stock.
Insider Buying and Selling at EQT
In other EQT news, major shareholder S Wil Vanloh, Jr. sold 20,000,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $41.40, for a total value of $828,000,000.00. Following the completion of the sale, the insider now owns 23,946,108 shares in the company, valued at approximately $991,368,871.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.
EQT Trading Up 2.8 %
EQT (NYSE:EQT – Get Free Report) last posted its quarterly earnings data on Wednesday, October 25th. The oil and gas producer reported $0.30 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.42. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.15 billion. EQT had a net margin of 35.29% and a return on equity of 7.25%. The company’s quarterly revenue was down 42.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.04 EPS. As a group, equities analysts anticipate that EQT Co. will post 2.24 earnings per share for the current fiscal year.
EQT Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Wednesday, November 8th will be given a $0.1575 dividend. This represents a $0.63 annualized dividend and a yield of 1.53%. The ex-dividend date is Tuesday, November 7th. This is a boost from EQT’s previous quarterly dividend of $0.15. EQT’s dividend payout ratio (DPR) is presently 8.51%.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on EQT. Sanford C. Bernstein began coverage on shares of EQT in a research note on Tuesday, October 10th. They set an “underperform” rating and a $30.00 price target on the stock. Piper Sandler dropped their price target on shares of EQT from $54.00 to $52.00 and set an “overweight” rating on the stock in a research note on Thursday, November 16th. StockNews.com lowered shares of EQT from a “hold” rating to a “sell” rating in a research note on Thursday, October 26th. Wells Fargo & Company raised their target price on shares of EQT from $50.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, October 20th. Finally, Truist Financial reiterated a “hold” rating and issued a $39.00 target price on shares of EQT in a research note on Tuesday, September 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $46.19.
EQT Corporation operates as a natural gas production company in the United States. As of December 31, 2022, it had 25.0 trillion cubic feet of proved natural gas, natural gas liquids, and crude oil reserves across approximately 2.0 million gross acres, including 1.8 million gross acres in the Marcellus play.
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