Glenorchy Capital Ltd Takes Position in EQT Co. (NYSE:EQT)

Glenorchy Capital Ltd acquired a new stake in EQT Co. (NYSE:EQT) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 40,673 shares of the oil and gas producer’s stock, valued at approximately $1,572,000.

Several other large investors have also recently added to or reduced their stakes in EQT. Vanguard Group Inc. boosted its holdings in shares of EQT by 8.6% during the 3rd quarter. Vanguard Group Inc. now owns 44,899,640 shares of the oil and gas producer’s stock worth $1,822,027,000 after buying an additional 3,539,661 shares during the period. Wellington Management Group LLP boosted its holdings in EQT by 61.9% in the 3rd quarter. Wellington Management Group LLP now owns 19,687,594 shares of the oil and gas producer’s stock valued at $798,923,000 after purchasing an additional 7,526,875 shares during the period. Bank of New York Mellon Corp boosted its holdings in EQT by 6.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 18,037,923 shares of the oil and gas producer’s stock valued at $731,979,000 after purchasing an additional 1,098,211 shares during the period. Northern Trust Corp boosted its holdings in EQT by 8.9% in the 3rd quarter. Northern Trust Corp now owns 3,657,338 shares of the oil and gas producer’s stock valued at $148,415,000 after purchasing an additional 300,326 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in EQT by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,345,714 shares of the oil and gas producer’s stock valued at $135,769,000 after purchasing an additional 77,282 shares during the period. Institutional investors and hedge funds own 90.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $37.00 price target (down from $39.00) on shares of EQT in a report on Wednesday, March 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of EQT in a report on Tuesday, March 5th. Wells Fargo & Company downgraded shares of EQT from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $48.00 to $37.00 in a report on Wednesday, April 17th. TD Cowen assumed coverage on shares of EQT in a report on Friday. They set a “hold” rating and a $43.00 price objective for the company. Finally, Piper Sandler reduced their price objective on shares of EQT from $47.00 to $41.00 and set an “overweight” rating for the company in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $43.38.

EQT Price Performance

EQT traded up $0.01 during midday trading on Tuesday, hitting $37.98. The company had a trading volume of 7,590,596 shares, compared to its average volume of 6,487,173. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $16.73 billion, a PE ratio of 8.94 and a beta of 1.12. EQT Co. has a twelve month low of $30.84 and a twelve month high of $45.23. The firm’s 50-day simple moving average is $36.06 and its 200-day simple moving average is $37.99.

EQT (NYSE:EQT) last posted its quarterly earnings data on Tuesday, February 13th. The oil and gas producer reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.01. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.58 billion. EQT had a net margin of 25.12% and a return on equity of 7.12%. The company’s quarterly revenue was up 17.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS. Equities research analysts predict that EQT Co. will post 1.07 EPS for the current fiscal year.

EQT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 8th will be paid a $0.1575 dividend. This represents a $0.63 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Tuesday, May 7th. EQT’s dividend payout ratio (DPR) is presently 14.82%.

About EQT

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.