Teachers Retirement System of The State of Kentucky lowered its holdings in shares of EQT Co. (NYSE:EQT – Get Rating) by 7.6% during the 1st quarter, Holdings Channel reports. The fund owned 35,300 shares of the oil and gas producer’s stock after selling 2,900 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in EQT were worth $1,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC raised its stake in EQT by 32.7% during the 1st quarter. Kestra Advisory Services LLC now owns 17,140 shares of the oil and gas producer’s stock valued at $590,000 after acquiring an additional 4,223 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in shares of EQT in the 1st quarter worth $222,000. Martingale Asset Management L P bought a new stake in shares of EQT in the 1st quarter worth $424,000. Csenge Advisory Group bought a new stake in shares of EQT in the 1st quarter worth $294,000. Finally, Advisor Partners LLC raised its stake in shares of EQT by 3.5% in the 1st quarter. Advisor Partners LLC now owns 19,492 shares of the oil and gas producer’s stock worth $671,000 after buying an additional 656 shares in the last quarter. Institutional investors own 95.63% of the company’s stock.
Analyst Ratings Changes
EQT has been the topic of a number of research reports. Royal Bank of Canada boosted their price objective on EQT from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Friday, September 9th. Scotiabank initiated coverage on EQT in a research note on Wednesday, August 3rd. They issued an “outperform” rating and a $54.00 price objective on the stock. Credit Suisse Group boosted their price objective on EQT from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, July 28th. Morgan Stanley cut their target price on EQT from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Finally, Bank of America boosted their target price on EQT from $72.00 to $74.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, EQT presently has a consensus rating of “Moderate Buy” and an average price target of $56.63.
EQT Price Performance
EQT (NYSE:EQT – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The oil and gas producer reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.02. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The company’s revenue for the quarter was up 61.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. Research analysts anticipate that EQT Co. will post 4.08 EPS for the current year.
EQT Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Tuesday, August 9th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.34%. 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. 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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