DnB Asset Management AS purchased a new position in EQT Co. (NYSE:EQT – Get Rating) during the second quarter, HoldingsChannel reports. The institutional investor purchased 49,047 shares of the oil and gas producer’s stock, valued at approximately $1,687,000.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. boosted its stake in EQT by 15.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,605 shares of the oil and gas producer’s stock worth $89,000 after buying an additional 351 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of EQT by 0.4% in the 1st quarter. Arizona State Retirement System now owns 86,842 shares of the oil and gas producer’s stock worth $2,988,000 after purchasing an additional 362 shares during the period. Captrust Financial Advisors raised its holdings in shares of EQT by 3.2% in the 1st quarter. Captrust Financial Advisors now owns 14,014 shares of the oil and gas producer’s stock worth $482,000 after purchasing an additional 436 shares during the period. Buckingham Strategic Partners raised its holdings in shares of EQT by 5.0% in the 1st quarter. Buckingham Strategic Partners now owns 11,188 shares of the oil and gas producer’s stock worth $386,000 after purchasing an additional 530 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in shares of EQT by 6.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 9,820 shares of the oil and gas producer’s stock worth $337,000 after purchasing an additional 610 shares during the period. 95.63% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have recently commented on EQT shares. Citigroup raised their price objective on EQT from $48.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada raised their price objective on EQT from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Friday, September 9th. Credit Suisse Group raised their price objective on EQT from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Mizuho raised their price objective on EQT from $55.00 to $59.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Finally, Bank of America raised their target price on EQT from $72.00 to $74.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, EQT currently has an average rating of “Moderate Buy” and a consensus price target of $56.63.
EQT Price Performance
EQT (NYSE:EQT – Get Rating) last posted its quarterly earnings data on Wednesday, July 27th. The oil and gas producer reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.02. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. EQT’s revenue for the quarter was up 61.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share. Analysts predict that EQT Co. will post 4.02 earnings per share for the current fiscal year.
EQT Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Tuesday, August 9th were given a $0.15 dividend. This is a positive change from EQT’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Monday, August 8th. This represents a $0.60 annualized dividend and a dividend yield of 1.32%. EQT’s dividend payout ratio (DPR) is presently -22.06%.
EQT Corporation operates as a natural gas production company in the United States. The company produces natural gas, natural gas liquids (NGLs), including ethane, propane, isobutane, butane, and natural gasoline. As of December 31, 2021, it had 25.0 trillion cubic feet of proved natural gas, NGLs, and crude oil reserves across approximately 2.0 million gross acres, including 1.7 million gross acres in the Marcellus play.
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