Citizens Financial Group Inc. RI Makes New Investment in EQT Corporation $EQT

Citizens Financial Group Inc. RI purchased a new stake in shares of EQT Corporation (NYSE:EQT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 143,848 shares of the oil and gas producer’s stock, valued at approximately $7,648,000.

Several other institutional investors have also added to or reduced their stakes in EQT. Greykasell Wealth Strategies Inc. purchased a new position in shares of EQT in the fourth quarter valued at about $26,000. Elyxium Wealth LLC purchased a new stake in shares of EQT during the fourth quarter worth about $49,000. Root Financial Partners LLC boosted its holdings in shares of EQT by 35.4% during the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock worth $49,000 after purchasing an additional 202 shares during the period. State of Wyoming bought a new stake in shares of EQT in the second quarter worth about $58,000. Finally, Sunbelt Securities Inc. bought a new stake in shares of EQT in the third quarter worth about $114,000. Hedge funds and other institutional investors own 90.81% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. lowered their price target on EQT from $72.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, June 23rd. Barclays cut their price objective on EQT from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Monday. Weiss Ratings cut EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 30th. Capital One Financial upped their target price on EQT from $64.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Finally, Truist Financial dropped their price target on EQT from $74.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.48.

EQT Trading Down 2.5%

NYSE EQT opened at $53.07 on Tuesday. The firm has a market capitalization of $33.20 billion, a PE ratio of 12.31 and a beta of 0.58. The stock’s 50 day moving average is $51.87 and its 200 day moving average is $56.53. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.EQT’s revenue for the quarter was down 29.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 EPS. Research analysts forecast that EQT Corporation will post 4.06 earnings per share for the current fiscal year.

EQT Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Wednesday, August 5th. EQT’s dividend payout ratio (DPR) is presently 15.31%.

Insider Activity

In related news, CEO Toby Z. Rice sold 96,983 shares of EQT stock in a transaction dated 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 transaction, the chief executive officer directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.72% of the stock is currently owned by insiders.

EQT 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.