Meiji Yasuda Asset Management Co Ltd. Takes Position in EQT Corporation $EQT

Meiji Yasuda Asset Management Co Ltd. purchased a new position in EQT Corporation (NYSE:EQT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 23,780 shares of the oil and gas producer’s stock, valued at approximately $1,264,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Caxton Associates LLP acquired a new stake in shares of EQT in the first quarter valued at about $256,000. Focus Partners Wealth lifted its stake in EQT by 9.0% in the 1st quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock worth $1,156,000 after purchasing an additional 1,789 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its holdings in shares of EQT by 495.2% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 128,060 shares of the oil and gas producer’s stock worth $7,468,000 after purchasing an additional 106,545 shares during the last quarter. Captrust Financial Advisors grew its position in shares of EQT by 39.4% in the second quarter. Captrust Financial Advisors now owns 30,617 shares of the oil and gas producer’s stock valued at $1,786,000 after purchasing an additional 8,658 shares in the last quarter. Finally, Horizon Investments LLC increased its holdings in shares of EQT by 43.6% in the third quarter. Horizon Investments LLC now owns 85,502 shares of the oil and gas producer’s stock valued at $4,640,000 after purchasing an additional 25,971 shares during the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at EQT

In related news, CEO Toby Z. Rice sold 175,328 shares of EQT stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 2,157,865 shares in the company, valued at approximately $118,747,310.95. This trade represents a 7.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 274,042 shares of company stock worth $15,005,076. Company insiders own 0.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EQT. Truist Financial lowered their price objective on EQT from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. Weiss Ratings cut shares of EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Barclays decreased their target price on shares of EQT from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. The Goldman Sachs Group cut their price target on shares of EQT from $65.00 to $63.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Stephens lifted their price target on shares of EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, EQT has a consensus rating of “Moderate Buy” and a consensus price target of $68.10.

EQT Trading Up 0.1%

NYSE EQT opened at $53.76 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $33.63 billion, a P/E ratio of 12.47 and a beta of 0.58. The firm’s 50-day moving average is $52.05 and its two-hundred day moving average is $56.45. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24.

EQT (NYSE:EQT) last announced 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). The company had revenue of $1.68 billion for 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%. EQT’s revenue was down 29.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, sell-side analysts anticipate that EQT Corporation will post 3.97 earnings per share for the current year.

EQT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is 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 (DPR) is presently 15.31%.

About EQT

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.