Legal & General Group Plc Acquires Shares of 2,396,459 EQT Corporation $EQT

Legal & General Group Plc acquired a new position in EQT Corporation (NYSE:EQT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,396,459 shares of the oil and gas producer’s stock, valued at approximately $127,420,000. Legal & General Group Plc owned approximately 0.38% of EQT at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of EQT. Greykasell Wealth Strategies Inc. bought a new stake in shares of EQT during the 4th quarter valued at about $26,000. Meeder Asset Management Inc. bought a new position in EQT in the second quarter worth about $26,000. Gables Capital Management Inc. bought a new position in EQT in the second quarter worth about $37,000. Root Financial Partners LLC lifted its holdings in EQT by 35.4% in the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock worth $49,000 after buying an additional 202 shares during the period. Finally, Elyxium Wealth LLC purchased a new stake in EQT in the fourth quarter worth about $49,000. 90.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at EQT

In related news, CEO Toby Z. Rice sold 175,328 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the sale, the chief executive officer owned 2,157,865 shares in the company, valued at $118,747,310.95. This represents a 7.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 274,042 shares of company stock valued at $15,005,076. Corporate insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

EQT has been the topic of several research reports. Zacks Research cut EQT from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Truist Financial decreased their target price on EQT from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 24th. Weiss Ratings cut EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 30th. JPMorgan Chase & Co. dropped their price target on EQT from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 23rd. Finally, Stephens upped their price target on EQT from $71.00 to $72.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, EQT currently has an average rating of “Moderate Buy” and a consensus price target of $68.10.

EQT Trading Up 0.1%

Shares of NYSE EQT opened at $54.85 on Friday. EQT Corporation has a 1 year low of $47.94 and a 1 year high of $68.24. 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 firm has a 50-day moving average of $52.25 and a 200 day moving average of $56.42. The stock has a market cap of $34.31 billion, a P/E ratio of 12.73 and a beta of 0.58.

EQT (NYSE:EQT) last announced its quarterly earnings data 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). EQT had a return on equity of 9.31% and a net margin of 28.44%.The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company posted $0.45 EPS. EQT’s revenue for the quarter was down 29.2% compared to the same quarter last year. As a group, sell-side analysts expect that EQT Corporation will post 3.97 EPS for the current fiscal year.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th will be given a $0.165 dividend. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, August 5th. EQT’s payout ratio is currently 15.31%.

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.