Praxis Investment Management Inc. Trims Stake in EQT Corporation $EQT

Praxis Investment Management Inc. cut its stake in EQT Corporation (NYSE:EQT) by 40.4% in the third quarter, HoldingsChannel reports. The fund owned 19,183 shares of the oil and gas producer’s stock after selling 13,027 shares during the period. Praxis Investment Management Inc.’s holdings in EQT were worth $1,044,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Twin Peaks Wealth Advisors LLC purchased a new position in shares of EQT during the 2nd quarter valued at approximately $41,000. Anchor Investment Management LLC grew its position in EQT by 133.3% during the second quarter. Anchor Investment Management LLC now owns 875 shares of the oil and gas producer’s stock valued at $51,000 after buying an additional 500 shares during the period. Private Trust Co. NA increased its holdings in EQT by 38.1% in the second quarter. Private Trust Co. NA now owns 1,026 shares of the oil and gas producer’s stock valued at $60,000 after buying an additional 283 shares in the last quarter. SVB Wealth LLC acquired a new position in shares of EQT in the first quarter worth about $82,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of EQT in the second quarter worth about $110,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Insider Buying and Selling

In other EQT news, EVP J.E.B. Bolen sold 1,422 shares of the firm’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $52.79, for a total value of $75,067.38. Following the transaction, the executive vice president directly owned 69,486 shares of the company’s stock, valued at $3,668,165.94. This trade represents a 2.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.65% of the company’s stock.

EQT Price Performance

Shares of EQT stock opened at $55.40 on Monday. The stock has a market capitalization of $34.57 billion, a P/E ratio of 18.97, a PEG ratio of 0.45 and a beta of 0.62. The business has a 50 day simple moving average of $56.77 and a two-hundred day simple moving average of $55.00. EQT Corporation has a 12 month low of $42.27 and a 12 month high of $62.23. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.58 and a quick ratio of 0.58.

EQT (NYSE:EQT) last issued its quarterly earnings results on Tuesday, October 21st. The oil and gas producer reported $0.52 EPS for the quarter, topping the consensus estimate of $0.50 by $0.02. The firm had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.78 billion. EQT had a return on equity of 6.88% and a net margin of 22.59%.The firm’s revenue for the quarter was up 52.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.12 earnings per share. As a group, analysts predict that EQT Corporation will post 3.27 EPS for the current fiscal year.

EQT Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Wednesday, November 5th were paid a dividend of $0.165 per share. The ex-dividend date of this dividend was Wednesday, November 5th. This represents a $0.66 annualized dividend and a yield of 1.2%. This is a boost from EQT’s previous quarterly dividend of $0.16. EQT’s dividend payout ratio is currently 22.60%.

Wall Street Analyst Weigh In

EQT has been the topic of a number of analyst reports. Melius Research started coverage on EQT in a research report on Wednesday, August 20th. They set a “buy” rating and a $64.00 target price on the stock. Bank of America raised their price objective on EQT from $63.00 to $80.00 and gave the company a “buy” rating in a report on Friday, August 22nd. Barclays cut their price objective on EQT from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. UBS Group increased their target price on EQT from $67.00 to $76.00 and gave the company a “buy” rating in a research report on Friday. Finally, Melius initiated coverage on shares of EQT in a research note on Wednesday, August 20th. They issued a “buy” rating and a $64.00 price target on the stock. Eighteen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.17.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.