Phocas Financial Corp. Cuts Stock Position in EQT Co. (NYSE:EQT)

Phocas Financial Corp. reduced its position in EQT Co. (NYSE:EQT) by 11.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,274 shares of the oil and gas producer’s stock after selling 3,691 shares during the quarter. Phocas Financial Corp.’s holdings in EQT were worth $1,304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EQT. Vanguard Group Inc. boosted its holdings in EQT by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 72,530,286 shares of the oil and gas producer’s stock valued at $3,344,371,000 after acquiring an additional 358,649 shares during the period. Geode Capital Management LLC boosted its holdings in EQT by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 14,427,307 shares of the oil and gas producer’s stock valued at $663,552,000 after acquiring an additional 429,733 shares during the period. Capital International Investors boosted its holdings in EQT by 21.3% during the 4th quarter. Capital International Investors now owns 13,855,244 shares of the oil and gas producer’s stock valued at $638,867,000 after acquiring an additional 2,433,632 shares during the period. Clearbridge Investments LLC boosted its holdings in EQT by 14.7% during the 4th quarter. Clearbridge Investments LLC now owns 13,829,938 shares of the oil and gas producer’s stock valued at $637,698,000 after acquiring an additional 1,774,696 shares during the period. Finally, Invesco Ltd. raised its position in EQT by 46.3% during the 4th quarter. Invesco Ltd. now owns 13,143,774 shares of the oil and gas producer’s stock valued at $606,059,000 after purchasing an additional 4,162,065 shares during the last quarter. 90.81% of the stock is currently owned by hedge funds and other institutional investors.

EQT Stock Performance

EQT stock opened at $56.54 on Wednesday. The company has a quick ratio of 0.51, a current ratio of 0.70 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $33.85 billion, a P/E ratio of 141.35, a PEG ratio of 0.64 and a beta of 0.59. The stock’s 50 day moving average is $52.20 and its 200 day moving average is $49.66. EQT Co. has a twelve month low of $30.02 and a twelve month high of $57.37.

EQT (NYSE:EQT) last posted its quarterly earnings results on Tuesday, April 22nd. The oil and gas producer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.20. The company had revenue of $2.15 billion for the quarter, compared to the consensus estimate of $2.16 billion. EQT had a return on equity of 4.35% and a net margin of 4.37%. On average, equities research analysts predict that EQT Co. will post 3.27 earnings per share for the current fiscal year.

EQT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Wednesday, May 7th will be paid a $0.1575 dividend. The ex-dividend date of this dividend is Wednesday, May 7th. This represents a $0.63 annualized dividend and a dividend yield of 1.11%. EQT’s payout ratio is currently 110.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on EQT shares. TD Cowen raised EQT from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research report on Tuesday, April 8th. Citigroup upped their price target on EQT from $51.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, March 17th. Mizuho upped their price target on EQT from $57.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, April 1st. Morgan Stanley upped their price target on EQT from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, April 24th. Finally, Piper Sandler upped their price target on EQT from $35.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, EQT presently has an average rating of “Moderate Buy” and an average price target of $57.11.

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.