Norden Group LLC Purchases New Position in EQT Corporation (NYSE:EQT)

Norden Group LLC purchased a new stake in shares of EQT Corporation (NYSE:EQT) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,367 shares of the oil and gas producer’s stock, valued at approximately $233,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in EQT by 46.3% during the fourth quarter. Invesco Ltd. now owns 13,143,774 shares of the oil and gas producer’s stock valued at $606,059,000 after purchasing an additional 4,162,065 shares during the period. Slate Path Capital LP purchased a new stake in EQT during the fourth quarter valued at approximately $123,575,000. Castle Hook Partners LP raised its position in EQT by 199.5% during the fourth quarter. Castle Hook Partners LP now owns 3,990,714 shares of the oil and gas producer’s stock valued at $184,012,000 after purchasing an additional 2,658,375 shares during the period. Capital International Investors raised its position in EQT by 21.3% during the fourth quarter. Capital International Investors now owns 13,855,244 shares of the oil and gas producer’s stock valued at $638,867,000 after purchasing an additional 2,433,632 shares during the period. Finally, Encompass Capital Advisors LLC purchased a new stake in EQT during the fourth quarter valued at approximately $59,627,000. 90.81% of the stock is owned by institutional investors.

EQT Stock Up 0.8%

Shares of NYSE EQT opened at $53.79 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $33.57 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 0.37 and a beta of 0.65. The stock’s fifty day simple moving average is $56.17 and its two-hundred day simple moving average is $53.17. EQT Corporation has a 12-month low of $30.02 and a 12-month high of $61.02.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, July 22nd. The oil and gas producer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.07). The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.78 billion. EQT had a net margin of 15.87% and a return on equity of 6.24%. During the same period last year, the business posted ($0.08) EPS. As a group, analysts expect that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Wednesday, August 6th will be given a $0.1575 dividend. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s dividend payout ratio (DPR) is presently 34.05%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EQT shares. Wells Fargo & Company increased their price target on EQT from $59.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, June 16th. TD Cowen upgraded EQT from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a report on Tuesday, April 8th. Royal Bank Of Canada raised their price objective on EQT from $55.00 to $60.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 8th. Scotiabank restated a “sector perform” rating and set a $66.00 price objective (up from $62.00) on shares of EQT in a report on Friday, July 11th. Finally, Stephens reduced their price objective on EQT from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.84.

Insider Buying and Selling at EQT

In other news, EVP Sarah Fenton sold 12,438 shares of the firm’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $51.94, for a total value of $646,029.72. Following the completion of the sale, the executive vice president owned 13,297 shares of the company’s stock, valued at $690,646.18. This trade represents a 48.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is owned by insiders.

EQT Company Profile

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.