EQT (NYSE:EQT) Posts Earnings Results, Misses Expectations By $0.02 EPS

EQT (NYSE:EQT) announced its quarterly earnings results on Tuesday. 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), FiscalAI reports. EQT had a return on equity of 9.74% and a net margin of 31.94%.The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the prior year, the business earned $0.45 EPS.

EQT Stock Up 1.7%

EQT stock traded up $0.81 during midday trading on Tuesday, reaching $49.86. 7,189,680 shares of the company were exchanged, compared to its average volume of 8,702,944. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.66 and a current ratio of 0.66. EQT has a 1-year low of $47.94 and a 1-year high of $68.24. The stock’s 50-day simple moving average is $53.14 and its 200 day simple moving average is $56.53. The company has a market cap of $31.19 billion, a price-to-earnings ratio of 9.46 and a beta of 0.55.

EQT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 5th will be paid a $0.165 dividend. This represents a $0.66 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, August 5th. EQT’s dividend payout ratio is currently 12.52%.

Insider Activity at EQT

In related news, CEO Toby Z. Rice sold 1,731 shares of EQT stock in a transaction on Monday, June 8th. The shares were sold at an average price of $53.46, for a total transaction of $92,539.26. Following the sale, the chief executive officer directly owned 2,333,193 shares in the company, valued at $124,732,497.78. This trade represents a 0.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vicky A. Bailey sold 4,116 shares of the business’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $59.80, for a total transaction of $246,136.80. The SEC filing for this sale provides additional information. Insiders have sold a total of 102,830 shares of company stock valued at $5,602,913 in the last 90 days. Insiders own 0.72% of the company’s stock.

Institutional Trading of EQT

Large investors have recently made changes to their positions in the company. Sunbelt Securities Inc. acquired a new position in shares of EQT in the 3rd quarter valued at $114,000. Caxton Associates LLP acquired a new position in EQT during the 1st quarter worth approximately $256,000. Syon Capital LLC raised its stake in shares of EQT by 19.1% during the 4th quarter. Syon Capital LLC now owns 5,096 shares of the oil and gas producer’s stock worth $273,000 after buying an additional 816 shares in the last quarter. Adalta Capital Management LLC raised its stake in shares of EQT by 71.2% during the 3rd quarter. Adalta Capital Management LLC now owns 11,300 shares of the oil and gas producer’s stock worth $615,000 after buying an additional 4,700 shares in the last quarter. Finally, Focus Partners Wealth lifted its holdings in shares of EQT by 9.0% in the 1st quarter. Focus Partners Wealth now owns 21,637 shares of the oil and gas producer’s stock valued at $1,156,000 after buying an additional 1,789 shares during the period. 90.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on EQT shares. BMO Capital Markets lowered their price target on EQT from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. UBS Group decreased their price target on EQT from $74.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Evercore boosted their price objective on EQT from $60.00 to $70.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Wells Fargo & Company increased their target price on EQT from $70.00 to $79.00 and gave the stock an “overweight” rating in a research note on Thursday, April 23rd. Finally, JPMorgan Chase & Co. lowered their target price on EQT from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.12.

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.