Crescent Grove Advisors LLC Makes New Investment in EQT Co. (NYSE:EQT)

Crescent Grove Advisors LLC purchased a new stake in shares of EQT Co. (NYSE:EQT) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 10,735 shares of the oil and gas producer’s stock, valued at approximately $393,000.

A number of other hedge funds have also bought and sold shares of EQT. Modera Wealth Management LLC purchased a new stake in shares of EQT during the 3rd quarter valued at $562,494,000. Price T Rowe Associates Inc. MD increased its holdings in EQT by 22.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 64,877,405 shares of the oil and gas producer’s stock worth $2,405,007,000 after buying an additional 11,993,729 shares during the last quarter. Vanguard Group Inc. raised its position in EQT by 8.4% in the first quarter. Vanguard Group Inc. now owns 50,865,664 shares of the oil and gas producer’s stock worth $1,885,590,000 after acquiring an additional 3,942,802 shares during the period. Canoe Financial LP purchased a new position in EQT in the third quarter valued at about $89,907,000. Finally, Merewether Investment Management LP bought a new position in shares of EQT during the 2nd quarter valued at approximately $69,452,000. 90.81% of the stock is currently owned by institutional investors.

EQT Stock Up 7.5 %

Shares of NYSE EQT opened at $40.20 on Thursday. 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 business has a 50-day moving average of $35.56 and a 200-day moving average of $36.64. The firm has a market capitalization of $17.75 billion, a price-to-earnings ratio of 47.86 and a beta of 1.06. EQT Co. has a 12 month low of $30.02 and a 12 month high of $42.44.

EQT (NYSE:EQT) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.12 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. Sell-side analysts expect that EQT Co. will post 1.42 earnings per share for the current fiscal year.

EQT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.1575 per share. This represents a $0.63 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Wednesday, November 6th. EQT’s dividend payout ratio (DPR) is currently 75.00%.

Analyst Ratings Changes

EQT has been the topic of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $45.00 price objective on shares of EQT in a research note on Friday, September 13th. Piper Sandler lifted their price objective on EQT from $32.00 to $34.00 and gave the stock a “neutral” rating in a report on Monday. Bank of America began coverage on shares of EQT in a report on Monday, October 28th. They set a “buy” rating and a $50.00 price objective on the stock. Wells Fargo & Company upgraded shares of EQT from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, August 14th. Finally, StockNews.com raised shares of EQT to a “sell” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.83.

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.