Nierenberg Investment Management Company LLC Acquires New Shares in EQT Corporation $EQT

Nierenberg Investment Management Company LLC bought a new stake in EQT Corporation (NYSE:EQT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 533,363 shares of the oil and gas producer’s stock, valued at approximately $28,358,911,000. EQT makes up approximately 14.1% of Nierenberg Investment Management Company LLC’s investment portfolio, making the stock its 2nd biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EQT. Reaves W H & Co. Inc. grew its stake in shares of EQT by 12.9% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,161,975 shares of the oil and gas producer’s stock valued at $62,282,000 after buying an additional 132,741 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in EQT by 21.5% in the fourth quarter. Cullen Frost Bankers Inc. now owns 186,352 shares of the oil and gas producer’s stock worth $9,988,000 after buying an additional 32,921 shares during the last quarter. BOKF NA raised its position in EQT by 25.9% during the fourth quarter. BOKF NA now owns 138,368 shares of the oil and gas producer’s stock valued at $7,417,000 after acquiring an additional 28,427 shares in the last quarter. Allstate Corp raised its position in EQT by 114.0% during the fourth quarter. Allstate Corp now owns 48,523 shares of the oil and gas producer’s stock valued at $2,601,000 after acquiring an additional 25,852 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in EQT by 9.1% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 583,072 shares of the oil and gas producer’s stock valued at $31,253,000 after acquiring an additional 48,587 shares during the last quarter. Hedge funds and other institutional investors own 90.81% of the company’s stock.

EQT News Roundup

Here are the key news stories impacting EQT this week:

• Positive Sentiment: Morgan Stanley lowered its price target for EQT Corporation slightly, from $68 to $67, but maintained an Overweight rating. The new target implies approximately 25% upside from the recent trading level, signaling continued analyst confidence in EQT’s valuation and natural-gas prospects. Benzinga
• Neutral Sentiment: CEO Toby Rice sold 175,328 EQT shares for approximately $9.6 million, reducing his direct stake by 7.51%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, it may carry less negative significance than a discretionary sale, although insider selling can still weigh on sentiment. SEC insider transaction filing
• Negative Sentiment: EQT’s latest reported quarter remains a fundamental headwind: earnings per share came in at $0.39 versus a $0.41 consensus estimate, revenue declined 29.2% year over year to $1.68 billion, and revenue missed expectations. Analysts nevertheless project approximately $4.06 in full-year EPS.
• Neutral Sentiment: Several headlines about EQT acquiring the Melbourne Storm rugby club and considering a sale of Vietnamese language schools concern Swedish investment firm EQT AB, not EQT Corporation. They should not be interpreted as corporate actions by NYSE:EQT. Financial Times

Analysts Set New Price Targets

Several analysts have commented on EQT shares. Morgan Stanley decreased their target price on shares of EQT from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Wednesday. Sanford C. Bernstein restated an “outperform” rating on shares of EQT in a report on Thursday, July 30th. Wall Street Zen lowered shares of EQT from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Citigroup decreased their price objective on shares of EQT from $70.00 to $67.00 and set a “buy” rating for the company in a report on Tuesday, July 28th. Finally, Jefferies Financial Group lowered their target price on shares of EQT from $77.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.64.

EQT Price Performance

NYSE EQT opened at $53.63 on Thursday. The stock has a 50-day simple moving average of $51.89 and a 200 day simple moving average of $56.49. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24. The stock has a market capitalization of $33.55 billion, a PE ratio of 12.44 and a beta of 0.58. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.67 and a current ratio of 0.67.

EQT (NYSE:EQT) last released its earnings results 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 business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The business’s quarterly revenue was down 29.2% compared to the same quarter last year. During the same period last year, the business earned $0.45 EPS. Research analysts anticipate that EQT Corporation will post 4.06 EPS for the current year.

EQT Dividend Announcement

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

Insider Transactions at EQT

In related news, CEO Toby Z. Rice sold 175,328 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the transaction, the chief executive officer directly 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 document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 274,042 shares of company stock worth $15,005,076 over the last 90 days. Insiders own 0.72% of the company’s stock.

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.