Toby Rice Sells 175,328 Shares of EQT (NYSE:EQT) Stock

EQT Corporation (NYSE:EQT) CEO Toby Rice sold 175,328 shares of EQT stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the completion of the sale, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at $118,747,310.95. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

EQT Stock Performance

Shares of EQT opened at $53.63 on Thursday. The company’s fifty day moving average is $51.89 and its 200-day moving average is $56.49. EQT Corporation has a 12 month low of $47.94 and a 12 month high of $68.24. The firm has a market cap of $33.55 billion, a price-to-earnings ratio of 12.44 and a beta of 0.58. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT) last released its quarterly earnings results 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 net margin of 28.44% and a return on equity of 9.31%. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The firm’s revenue for the quarter was down 29.2% compared to the same quarter last year. Equities analysts expect that EQT Corporation will post 4.06 EPS for the current fiscal year.

EQT Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on EQT shares. Jefferies Financial Group decreased their price target on EQT from $77.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Wells Fargo & Company raised their price objective on EQT from $70.00 to $79.00 and gave the company an “overweight” rating in a research note on Thursday, April 23rd. Weiss Ratings lowered EQT from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 30th. The Goldman Sachs Group decreased their target price on EQT from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Finally, Wall Street Zen downgraded EQT from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.64.

EQT News Summary

Here are the key news stories impacting EQT this week:

• Positive Sentiment: Morgan Stanley lowered its price target for EQT Corporation slightly, from $68 to $67, but maintained an Overweight rating. The new target implies approximately 25% upside from the recent trading level, signaling continued analyst confidence in EQT’s valuation and natural-gas prospects. Benzinga
• Neutral Sentiment: CEO Toby Rice sold 175,328 EQT shares for approximately $9.6 million, reducing his direct stake by 7.51%. Because the transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, it may carry less negative significance than a discretionary sale, although insider selling can still weigh on sentiment. SEC insider transaction filing
• Negative Sentiment: EQT’s latest reported quarter remains a fundamental headwind: earnings per share came in at $0.39 versus a $0.41 consensus estimate, revenue declined 29.2% year over year to $1.68 billion, and revenue missed expectations. Analysts nevertheless project approximately $4.06 in full-year EPS.
• Neutral Sentiment: Several headlines about EQT acquiring the Melbourne Storm rugby club and considering a sale of Vietnamese language schools concern Swedish investment firm EQT AB, not EQT Corporation. They should not be interpreted as corporate actions by NYSE:EQT. Financial Times

Institutional Investors Weigh In On EQT

A number of hedge funds have recently bought and sold shares of EQT. BlackRock Inc. acquired a new stake in shares of EQT in the second quarter valued at about $3,204,125,000. Wellington Management Group LLP lifted its position in shares of EQT by 41.4% during the 2nd quarter. Wellington Management Group LLP now owns 22,565,479 shares of the oil and gas producer’s stock worth $1,199,807,000 after purchasing an additional 6,603,286 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of EQT during the 2nd quarter worth about $512,148,000. Bank of America Corp DE boosted its stake in EQT by 7.2% during the 2nd quarter. Bank of America Corp DE now owns 4,240,709 shares of the oil and gas producer’s stock valued at $225,478,000 after purchasing an additional 284,244 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in EQT during the 2nd quarter valued at approximately $163,705,000. 90.81% of the stock is currently owned by institutional investors.

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.