Concentric Capital Strategies LP Acquires New Position in EQT Co. (NYSE:EQT)

Concentric Capital Strategies LP bought a new position in EQT Co. (NYSE:EQT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 205,159 shares of the oil and gas producer’s stock, valued at approximately $7,517,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of EQT by 28.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,013,058 shares of the oil and gas producer’s stock worth $183,678,000 after buying an additional 1,108,134 shares during the period. Cetera Investment Advisers purchased a new position in EQT during the first quarter valued at approximately $2,274,000. Swiss National Bank boosted its position in shares of EQT by 35.3% in the third quarter. Swiss National Bank now owns 1,677,261 shares of the oil and gas producer’s stock worth $61,455,000 after purchasing an additional 437,602 shares during the period. Castle Hook Partners LP purchased a new stake in shares of EQT in the third quarter worth $48,817,000. Finally, Swedbank AB bought a new stake in shares of EQT during the 1st quarter valued at $4,073,000. Institutional investors own 90.81% of the company’s stock.

EQT Stock Up 0.4 %

EQT stock opened at $45.44 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.65. The firm has a 50 day simple moving average of $39.35 and a 200-day simple moving average of $37.15. The company has a market capitalization of $27.11 billion, a P/E ratio of 54.10 and a beta of 1.06. EQT Co. has a twelve month low of $30.02 and a twelve month high of $48.02.

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.35 billion. EQT had a net margin of 5.52% and a return on equity of 3.74%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. On average, equities research analysts predict that EQT Co. will post 1.36 earnings per share for the current fiscal year.

EQT Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Wednesday, November 6th will be paid a dividend of $0.1575 per share. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $0.63 dividend on an annualized basis and a dividend yield of 1.39%. EQT’s dividend payout ratio is presently 75.00%.

Wall Street Analysts Forecast Growth

EQT has been the topic of several recent analyst reports. BMO Capital Markets lifted their price objective on shares of EQT from $39.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Stephens boosted their price target on shares of EQT from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. Wells Fargo & Company raised their price objective on EQT from $42.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, November 25th. UBS Group increased their price target on EQT from $40.00 to $42.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Truist Financial upped their price objective on EQT from $32.00 to $41.00 and gave the stock a “hold” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.67.

EQT 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.