Envestnet Asset Management Inc. Grows Position in EQT Co. (NYSE:EQT)

Envestnet Asset Management Inc. boosted its position in EQT Co. (NYSE:EQT) by 466.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,459,466 shares of the oil and gas producer’s stock after purchasing an additional 1,201,867 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.40% of EQT worth $8,893,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Capital World Investors bought a new position in EQT in the first quarter worth about $497,156,000. Clearbridge Investments LLC raised its holdings in EQT by 6.3% in the fourth quarter. Clearbridge Investments LLC now owns 12,190,616 shares of the oil and gas producer’s stock worth $412,409,000 after purchasing an additional 718,040 shares in the last quarter. Geode Capital Management LLC raised its holdings in EQT by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 7,769,994 shares of the oil and gas producer’s stock worth $262,420,000 after purchasing an additional 253,502 shares in the last quarter. Renaissance Technologies LLC raised its holdings in EQT by 6,029.6% in the first quarter. Renaissance Technologies LLC now owns 6,424,264 shares of the oil and gas producer’s stock worth $221,059,000 after purchasing an additional 6,319,457 shares in the last quarter. Finally, PointState Capital LP bought a new position in EQT in the first quarter worth about $163,646,000. 99.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Todd James sold 31,170 shares of the stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $38.56, for a total transaction of $1,201,915.20. Following the transaction, the chief accounting officer now owns 39,392 shares in the company, valued at approximately $1,518,955.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

EQT has been the topic of several recent analyst reports. Morgan Stanley upped their price objective on shares of EQT from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, August 18th. StockNews.com initiated coverage on shares of EQT in a report on Thursday, August 17th. They set a “hold” rating on the stock. Tudor Pickering upgraded shares of EQT from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. JPMorgan Chase & Co. cut their price objective on shares of EQT from $45.00 to $44.00 in a report on Wednesday, June 28th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $48.00 price objective on shares of EQT in a report on Wednesday, August 23rd. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, EQT has a consensus rating of “Moderate Buy” and a consensus price target of $49.76.

EQT Trading Down 2.0 %

EQT stock opened at $42.36 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.35. EQT Co. has a 12 month low of $28.10 and a 12 month high of $51.97. The stock’s 50 day simple moving average is $41.59 and its two-hundred day simple moving average is $36.66. The firm has a market cap of $15.32 billion, a PE ratio of 4.76, a P/E/G ratio of 1.12 and a beta of 1.22.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, July 25th. The oil and gas producer reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.09. EQT had a return on equity of 10.61% and a net margin of 38.44%. The business had revenue of $993.08 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The business’s quarterly revenue was down 38.4% compared to the same quarter last year. Analysts anticipate that EQT Co. will post 2.04 earnings per share for the current year.

EQT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Wednesday, August 9th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.42%. EQT’s dividend payout ratio (DPR) is 6.75%.

EQT Profile

EQT Corporation operates as a natural gas production company in the United States. As of December 31, 2022, it had 25.0 trillion cubic feet of proved natural gas, natural gas liquids, and crude oil reserves across approximately 2.0 million gross acres, including 1.8 million gross acres in the Marcellus play.