Old West Investment Management LLC Invests $15.82 Million in EQT Corporation $EQT

Old West Investment Management LLC purchased a new position in shares of EQT Corporation (NYSE:EQT) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 297,454 shares of the oil and gas producer’s stock, valued at approximately $15,816,000. EQT accounts for 1.7% of Old West Investment Management LLC’s investment portfolio, making the stock its 21st biggest position.

Several other hedge funds also recently added to or reduced their stakes in EQT. Greykasell Wealth Strategies Inc. purchased a new stake in EQT in the 4th quarter worth about $26,000. Elyxium Wealth LLC purchased a new position in shares of EQT during the fourth quarter valued at approximately $49,000. Root Financial Partners LLC boosted its position in shares of EQT by 35.4% during the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock valued at $49,000 after buying an additional 202 shares during the period. State of Wyoming bought a new position in shares of EQT during the second quarter valued at approximately $58,000. Finally, Sunbelt Securities Inc. bought a new position in shares of EQT during the third quarter valued at approximately $114,000. 90.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Capital One Financial raised their price target on EQT from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Zacks Research downgraded EQT from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 28th. Barclays lifted their target price on EQT from $69.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. UBS Group lowered their target price 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, Morgan Stanley cut their price target on shares of EQT from $74.00 to $68.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, EQT has a consensus rating of “Moderate Buy” and an average price target of $68.08.

Insider Buying and Selling at EQT

In other news, CEO Toby Z. Rice sold 1,731 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 2,333,193 shares in the company, valued at approximately $124,732,497.78. This trade represents a 0.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.72% of the company’s stock.

EQT Stock Performance

EQT stock opened at $54.44 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. The business has a 50-day moving average price of $51.87 and a 200 day moving average price of $56.54. The company has a market capitalization of $34.05 billion, a P/E ratio of 12.63 and a beta of 0.58. EQT Corporation has a 1-year low of $47.94 and a 1-year high of $68.24.

EQT (NYSE:EQT) last released its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.45 earnings per share. The firm’s revenue was down 29.2% compared to the same quarter last year. As a group, equities research analysts forecast that EQT Corporation will post 4.06 EPS for the current fiscal year.

EQT Dividend Announcement

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