Synovus Financial Corp Takes Position in EQT Co. (NYSE:EQT)

Synovus Financial Corp acquired a new position in EQT Co. (NYSE:EQT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 29,173 shares of the oil and gas producer’s stock, valued at approximately $1,069,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC grew its position in shares of EQT by 2.5% in the 3rd quarter. FMR LLC now owns 1,133,197 shares of the oil and gas producer’s stock valued at $41,520,000 after buying an additional 28,129 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of EQT by 34.4% in the third quarter. Geode Capital Management LLC now owns 13,997,574 shares of the oil and gas producer’s stock worth $511,159,000 after acquiring an additional 3,582,418 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $183,678,000 after acquiring an additional 1,108,134 shares during the last quarter. Swiss National Bank boosted its holdings in 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 valued at $61,455,000 after acquiring an additional 437,602 shares during the last quarter. Finally, Castle Hook Partners LP acquired a new stake in EQT during the 3rd quarter valued at approximately $48,817,000. 90.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Thomas F. Karam sold 30,154 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $44.83, for a total transaction of $1,351,803.82. Following the completion of the transaction, the director now directly owns 201,608 shares of the company’s stock, valued at $9,038,086.64. This represents a 13.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Bank of America started coverage on shares of EQT in a research report on Monday, October 28th. They set a “buy” rating and a $50.00 price objective for the company. Sanford C. Bernstein began coverage on EQT in a research note on Friday, December 6th. They set a “market perform” rating and a $50.00 target price for the company. Stephens lifted their price target on shares of EQT from $37.00 to $38.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Truist Financial increased their price objective on shares of EQT from $32.00 to $41.00 and gave the stock a “hold” rating in a research report on Tuesday, November 26th. Finally, Mizuho raised EQT from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $48.00 to $57.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $46.61.

EQT Stock Performance

Shares of EQT stock opened at $44.83 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50-day moving average of $41.15 and a 200-day moving average of $37.44. EQT Co. has a one year low of $30.02 and a one year high of $48.02. The company has a market cap of $26.75 billion, a P/E ratio of 53.36 and a beta of 1.14.

EQT (NYSE:EQT) last posted its quarterly earnings data on Tuesday, October 29th. The oil and gas producer reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. EQT had a net margin of 5.52% and a return on equity of 3.74%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the business posted $0.30 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts forecast that EQT Co. will post 1.37 EPS for the current fiscal year.

EQT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Wednesday, November 6th were paid a $0.1575 dividend. The ex-dividend date was Wednesday, November 6th. This represents a $0.63 dividend on an annualized basis and a yield of 1.41%. EQT’s dividend payout ratio (DPR) is presently 75.00%.

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.