Lake Street Advisors Group LLC Buys Shares of 12,263 EQT Co. (NYSE:EQT)

Lake Street Advisors Group LLC bought a new stake in EQT Co. (NYSE:EQT) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 12,263 shares of the oil and gas producer’s stock, valued at approximately $504,000.

Other institutional investors also recently bought and sold shares of the company. Asset Management One Co. Ltd. grew its position in EQT by 15.8% in the 2nd quarter. Asset Management One Co. Ltd. now owns 150,315 shares of the oil and gas producer’s stock valued at $6,182,000 after acquiring an additional 20,455 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of EQT during the first quarter worth about $707,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of EQT by 30.3% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 31,378 shares of the oil and gas producer’s stock worth $1,291,000 after buying an additional 7,293 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of EQT by 466.6% during the first quarter. Envestnet Asset Management Inc. now owns 1,459,466 shares of the oil and gas producer’s stock worth $8,893,000 after buying an additional 1,201,867 shares in the last quarter. Finally, Assetmark Inc. acquired a new position in shares of EQT during the first quarter worth about $1,014,000. 99.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at EQT

In other news, major shareholder S Wil Vanloh, Jr. sold 20,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $41.40, for a total transaction of $828,000,000.00. Following the completion of the sale, the insider now owns 23,946,108 shares in the company, valued at $991,368,871.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on EQT shares. Wells Fargo & Company boosted their price objective on EQT from $50.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, October 20th. Morgan Stanley boosted their price objective on EQT from $37.00 to $38.00 and gave the stock an “overweight” rating in a research report on Monday, October 2nd. UBS Group decreased their target price on EQT from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, August 31st. Piper Sandler decreased their target price on EQT from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Bank of America boosted their target price on EQT from $60.00 to $62.00 in a research note on Wednesday, September 27th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $46.19.

EQT Stock Performance

NYSE EQT traded up $0.32 on Friday, reaching $40.37. The stock had a trading volume of 4,711,554 shares, compared to its average volume of 6,105,474. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.59 and a current ratio of 0.59. EQT Co. has a 12-month low of $28.10 and a 12-month high of $45.23. The business’s 50-day moving average price is $41.58 and its 200 day moving average price is $40.08. The stock has a market cap of $16.61 billion, a P/E ratio of 5.45, a price-to-earnings-growth ratio of 0.92 and a beta of 1.14.

EQT (NYSE:EQT) last issued its quarterly earnings data on Wednesday, October 25th. The oil and gas producer reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.42. EQT had a return on equity of 7.25% and a net margin of 35.29%. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. The firm’s revenue for the quarter was down 42.7% on a year-over-year basis. As a group, equities analysts expect that EQT Co. will post 2.24 earnings per share for the current year.

EQT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Wednesday, November 8th will be paid a dividend of $0.1575 per share. This represents a $0.63 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Tuesday, November 7th. This is a boost from EQT’s previous quarterly dividend of $0.15. EQT’s dividend payout ratio is 8.51%.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. As of December 31, 2022, it had 25.0 trillion cubic feet of proved natural gas, natural gas liquids, and crude oil reserves across approximately 2.0 million gross acres, including 1.8 million gross acres in the Marcellus play.