BTG Pactual Asset Management US LLC Buys Shares of 28,764 EQT Corporation $EQT

BTG Pactual Asset Management US LLC purchased a new position in EQT Corporation (NYSE:EQT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 28,764 shares of the oil and gas producer’s stock, valued at approximately $1,529,000.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in EQT in the second quarter valued at $3,204,125,000. Wellington Management Group LLP increased its position in shares of EQT by 41.4% during the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock valued at $1,199,807,000 after purchasing an additional 6,603,286 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of EQT during the 2nd quarter valued at about $512,148,000. Bank of America Corp DE raised its holdings in shares of EQT by 7.2% during the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer’s stock valued at $225,478,000 after buying an additional 284,244 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of EQT during the 2nd quarter valued at about $163,705,000. 90.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on EQT shares. BMO Capital Markets cut their target price on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. JPMorgan Chase & Co. cut their price objective on shares of EQT from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday, June 23rd. Truist Financial reduced their target price on shares of EQT from $74.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. UBS Group lowered their price target on shares of EQT from $74.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Finally, Zacks Research upgraded shares of EQT from a “strong sell” rating to a “hold” rating in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.10.

Insider Activity

In other news, CEO Toby Z. Rice sold 175,328 shares of EQT stock in a transaction that occurred 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 approximately $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 274,042 shares of company stock valued at $15,005,076. 0.72% of the stock is owned by company insiders.

EQT Trading Down 0.0%

Shares of EQT opened at $54.56 on Monday. The firm’s 50-day moving average price is $52.33 and its 200-day moving average price is $56.41. The firm has a market capitalization of $34.13 billion, a price-to-earnings ratio of 12.66 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT Corporation has a 1-year low of $47.94 and a 1-year high of $68.24.

EQT (NYSE:EQT) last announced its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue was down 29.2% on a year-over-year basis. Sell-side analysts anticipate that EQT Corporation will post 3.96 EPS for the current year.

EQT Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s dividend payout ratio is currently 15.31%.

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.