EQT (NYSE:EQT) Releases Earnings Results, Misses Expectations By $0.02 EPS

EQT (NYSE:EQT) posted its quarterly earnings data on Tuesday. The oil and gas producer reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02), FiscalAI reports. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.79 billion. EQT had a return on equity of 9.74% and a net margin of 31.94%.

EQT Stock Up 1.7%

EQT stock traded up $0.81 during midday trading on Tuesday, reaching $49.86. The company’s stock had a trading volume of 7,069,045 shares, compared to its average volume of 8,701,796. EQT has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.19. The company has a market cap of $31.19 billion, a P/E ratio of 9.46 and a beta of 0.55. The business has a 50-day simple moving average of $53.14 and a 200-day simple moving average of $56.53.

EQT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be issued a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, August 5th. EQT’s dividend payout ratio is 12.52%.

Wall Street Analyst Weigh In

EQT has been the subject of several analyst reports. Freedom Capital raised EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. Zacks Research lowered EQT from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. UBS Group decreased their price objective on EQT from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Wells Fargo & Company boosted their price objective on EQT from $70.00 to $79.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Finally, The Goldman Sachs Group cut their target price on shares of EQT from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, EQT presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.12.

Insider Transactions at EQT

In other news, Director Vicky A. Bailey sold 4,116 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $59.80, for a total transaction of $246,136.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Toby Z. Rice sold 1,731 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $53.46, for a total value of $92,539.26. Following the transaction, the chief executive officer directly owned 2,333,193 shares of the company’s stock, valued at approximately $124,732,497.78. This represents a 0.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 102,830 shares of company stock valued at $5,602,913 over the last ninety days. 0.72% of the stock is owned by company insiders.

Hedge Funds Weigh In On EQT

Several hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new stake in EQT during the third quarter worth approximately $114,000. Caxton Associates LLP acquired a new position in shares of EQT in the 1st quarter valued at $256,000. Syon Capital LLC boosted its holdings in shares of EQT by 19.1% in the 4th quarter. Syon Capital LLC now owns 5,096 shares of the oil and gas producer’s stock valued at $273,000 after buying an additional 816 shares in the last quarter. Adalta Capital Management LLC grew its position in shares of EQT by 71.2% in the 3rd quarter. Adalta Capital Management LLC now owns 11,300 shares of the oil and gas producer’s stock valued at $615,000 after buying an additional 4,700 shares during the last quarter. Finally, Focus Partners Wealth grew its position in shares of EQT by 9.0% in the 1st quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock valued at $1,156,000 after buying an additional 1,789 shares during the last quarter. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

About EQT

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.