EQT (NYSE:EQT) Issues Earnings Results

EQT (NYSE:EQT) issued its earnings results on Tuesday. 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), FiscalAI reports. EQT had a net margin of 31.94% and a return on equity of 9.74%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.79 billion.

EQT Trading Up 1.7%

Shares of EQT traded up $0.81 during trading on Tuesday, reaching $49.86. 7,069,045 shares of the company traded hands, compared to its average volume of 8,701,796. EQT has a twelve month low of $47.94 and a twelve month high of $68.24. The stock has a market cap of $31.19 billion, a PE ratio of 9.46 and a beta of 0.55. The stock has a 50-day simple moving average of $53.14 and a 200-day simple moving average of $56.53. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.19.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.3%. EQT’s dividend payout ratio (DPR) is currently 12.52%.

Wall Street Analyst Weigh In

Several research firms have recently commented on EQT. Weiss Ratings lowered EQT from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 23rd. Morgan Stanley cut their price objective on shares of EQT from $74.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Freedom Capital upgraded shares of EQT to a “strong-buy” rating in a report on Tuesday, June 30th. Jefferies Financial Group dropped their price target on shares of EQT from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Finally, Sanford C. Bernstein cut their price target on shares of EQT from $73.00 to $69.00 and set an “outperform” rating for the company in a report on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $68.12.

Insider Activity at EQT

In related news, Director Vicky A. Bailey sold 4,116 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $59.80, for a total transaction of $246,136.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Toby Z. Rice sold 96,983 shares of EQT stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $54.28, for a total transaction of $5,264,237.24. Following the completion of the sale, the chief executive officer owned 2,334,924 shares of the company’s stock, valued at $126,739,674.72. This trade represents a 3.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 102,830 shares of company stock worth $5,602,913. Company insiders own 0.72% of the company’s stock.

Hedge Funds Weigh In On EQT

A number of hedge funds and other institutional investors have recently bought and sold shares of EQT. Sunbelt Securities Inc. purchased a new stake in EQT during the third quarter worth about $114,000. Caxton Associates LLP purchased a new position in shares of EQT in the first quarter valued at approximately $256,000. Syon Capital LLC grew its holdings in shares of EQT by 19.1% in the fourth quarter. Syon Capital LLC now owns 5,096 shares of the oil and gas producer’s stock valued at $273,000 after purchasing an additional 816 shares in the last quarter. Adalta Capital Management LLC grew its holdings in shares of EQT by 71.2% in the third quarter. Adalta Capital Management LLC now owns 11,300 shares of the oil and gas producer’s stock valued at $615,000 after purchasing an additional 4,700 shares in the last quarter. Finally, Focus Partners Wealth increased its stake in EQT by 9.0% during the 1st quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock worth $1,156,000 after buying an additional 1,789 shares during the period. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

EQT Company Profile

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.