Saudi Central Bank Acquires 18,519 Shares of EQT Corporation $EQT

Saudi Central Bank boosted its holdings in shares of EQT Corporation (NYSE:EQT) by 80.4% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 41,554 shares of the oil and gas producer’s stock after acquiring an additional 18,519 shares during the quarter. Saudi Central Bank’s holdings in EQT were worth $2,209,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Greykasell Wealth Strategies Inc. purchased a new stake in EQT during the fourth quarter worth $26,000. Meeder Asset Management Inc. purchased a new position in shares of EQT in the 2nd quarter valued at $26,000. Wedbush Fund Advisers LLC increased its holdings 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 acquiring an additional 413 shares during the period. Continuum Advisory LLC purchased a new position in shares of EQT in the 2nd quarter valued at $32,000. Finally, Gables Capital Management Inc. bought a new position in shares of EQT in the 2nd quarter worth $37,000. Institutional investors own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on EQT shares. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of EQT in a research report on Thursday, July 30th. Freedom Capital upgraded shares of EQT to a “strong-buy” rating in a report on Tuesday, June 30th. Barclays reduced their target price on shares of EQT from $70.00 to $68.00 and set an “overweight” rating for the company in a report on Monday, August 17th. BMO Capital Markets lowered their price target on shares of EQT from $76.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, UBS Group lowered their price target on shares of EQT from $74.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.10.

Insider Activity at EQT

In related news, CEO Toby 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 directly owned 2,157,865 shares in the company, valued at $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 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.

EQT Stock Down 0.1%

EQT stock opened at $55.11 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 $34.47 billion, a price-to-earnings ratio of 12.79 and a beta of 0.58. EQT Corporation has a 1-year low of $47.94 and a 1-year high of $68.24. The business has a fifty day moving average price of $52.74 and a 200-day moving average price of $56.31.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The business 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%. The company’s quarterly revenue was down 29.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 earnings per share. Equities research analysts forecast that EQT Corporation will post 3.96 EPS for the current fiscal year.

EQT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th were given a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Wednesday, August 5th. 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.