State of Michigan Retirement System Has $5.50 Million Stake in EQT Co. (NYSE:EQT)

State of Michigan Retirement System boosted its holdings in shares of EQT Co. (NYSE:EQT) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,800 shares of the oil and gas producer’s stock after buying an additional 4,700 shares during the period. State of Michigan Retirement System’s holdings in EQT were worth $5,503,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in EQT. International Assets Investment Management LLC acquired a new stake in shares of EQT during the 4th quarter valued at about $21,220,000. CWM LLC boosted its position in shares of EQT by 15.2% during the 4th quarter. CWM LLC now owns 9,781 shares of the oil and gas producer’s stock valued at $378,000 after acquiring an additional 1,287 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in shares of EQT by 18.2% during the 4th quarter. Atria Wealth Solutions Inc. now owns 8,387 shares of the oil and gas producer’s stock valued at $324,000 after acquiring an additional 1,291 shares in the last quarter. Truist Financial Corp boosted its position in shares of EQT by 19.5% during the 4th quarter. Truist Financial Corp now owns 17,917 shares of the oil and gas producer’s stock valued at $693,000 after acquiring an additional 2,919 shares in the last quarter. Finally, Retirement Systems of Alabama boosted its position in shares of EQT by 10.9% during the 4th quarter. Retirement Systems of Alabama now owns 90,653 shares of the oil and gas producer’s stock valued at $3,505,000 after acquiring an additional 8,879 shares in the last quarter. Institutional investors and hedge funds own 90.81% of the company’s stock.

Insider Buying and Selling at EQT

In other EQT news, EVP William E. Jordan sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $40.72, for a total value of $1,425,200.00. Following the sale, the executive vice president now owns 456,837 shares in the company, valued at approximately $18,602,402.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of EQT from a “neutral” rating to an “overweight” rating and set a $42.00 price target on the stock in a research report on Tuesday, July 23rd. Wolfe Research assumed coverage on shares of EQT in a research report on Thursday, July 18th. They issued an “outperform” rating and a $51.00 price target on the stock. Jefferies Financial Group boosted their price target on shares of EQT from $43.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, June 4th. Citigroup restated a “neutral” rating and issued a $37.00 price target on shares of EQT in a research report on Friday. Finally, Stephens reduced their price target on shares of EQT from $47.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, EQT has an average rating of “Hold” and an average price target of $44.67.

EQT Trading Down 0.4 %

EQT opened at $33.07 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.73 and a quick ratio of 0.73. The company has a market cap of $14.60 billion, a price-to-earnings ratio of 24.05 and a beta of 1.12. The firm has a 50 day simple moving average of $34.86 and a 200 day simple moving average of $36.81. EQT Co. has a fifty-two week low of $30.02 and a fifty-two week high of $45.23.

EQT (NYSE:EQT) last issued its quarterly earnings data on Tuesday, July 23rd. The oil and gas producer reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.12. The business had revenue of $952.51 million for the quarter, compared to the consensus estimate of $1.06 billion. EQT had a return on equity of 4.52% and a net margin of 12.45%. The firm’s revenue was down 6.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. On average, sell-side analysts anticipate that EQT Co. will post 1.4 earnings per share for the current year.

EQT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Wednesday, August 7th will be paid a $0.1575 dividend. This represents a $0.63 annualized dividend and a yield of 1.91%. The ex-dividend date is Wednesday, August 7th. EQT’s payout ratio is 45.65%.

About EQT

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.