Cibc World Market Inc. Acquires New Position in EQT Corporation $EQT

Cibc World Market Inc. acquired a new stake in EQT Corporation (NYSE:EQT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 384,314 shares of the oil and gas producer’s stock, valued at approximately $20,434,000. Cibc World Market Inc. owned 0.06% of EQT at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Greykasell Wealth Strategies Inc. purchased a new stake in shares of EQT in the fourth quarter valued at approximately $26,000. Meeder Asset Management Inc. purchased a new position in EQT during the 2nd quarter worth $26,000. Gables Capital Management Inc. purchased a new position in EQT during the 2nd quarter worth $37,000. Elyxium Wealth LLC bought a new stake in EQT during the 4th quarter valued at $49,000. Finally, Root Financial Partners LLC raised its position in EQT by 35.4% during the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock valued at $49,000 after purchasing an additional 202 shares in the last quarter. 90.81% of the stock is currently owned by institutional investors.

EQT Stock Up 0.1%

EQT stock opened at $53.76 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19. The firm has a market cap of $33.63 billion, a P/E ratio of 12.47 and a beta of 0.58. The business has a fifty day moving average of $52.05 and a two-hundred day moving average of $56.45. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24.

EQT (NYSE:EQT) last announced its quarterly earnings results on Tuesday, July 21st. 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). The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. EQT had a net margin of 28.44% and a return on equity of 9.31%. The company’s revenue was down 29.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, analysts forecast that EQT Corporation will post 3.97 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be given a dividend of $0.165 per share. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a yield of 1.2%. EQT’s dividend payout ratio (DPR) is presently 15.31%.

Insider Transactions at EQT

In other EQT news, CEO Toby Z. Rice sold 175,328 shares of EQT stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.03, for a total value of $9,648,299.84. Following the transaction, the chief executive officer owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 274,042 shares of company stock valued at $15,005,076 in the last 90 days. 0.72% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EQT. Morgan Stanley dropped their price target on EQT from $68.00 to $67.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 19th. Wall Street Zen downgraded EQT from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Freedom Capital raised shares of EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. BMO Capital Markets dropped their target price on shares of EQT from $76.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, Stephens increased their target price on shares of EQT from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $68.10.

EQT Company Profile

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.