Mitsubishi UFJ Asset Management Co. Ltd. Makes New $78.63 Million Investment in EQT Corporation $EQT

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of EQT Corporation (NYSE:EQT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,478,839 shares of the oil and gas producer’s stock, valued at approximately $78,630,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.24% of EQT as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Greykasell Wealth Strategies Inc. bought a new stake in shares of EQT in the 4th quarter worth about $26,000. Elyxium Wealth LLC acquired a new position in EQT in the fourth quarter valued at about $49,000. Root Financial Partners LLC grew its stake in EQT by 35.4% during the first quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock worth $49,000 after buying an additional 202 shares during the last quarter. State of Wyoming acquired a new position in shares of EQT in the 2nd quarter worth approximately $58,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of EQT in the 3rd quarter worth approximately $114,000. Institutional investors and hedge funds own 90.81% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on EQT shares. Wall Street Zen lowered EQT from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. The Goldman Sachs Group reduced their price objective on EQT from $65.00 to $63.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Morgan Stanley reduced their price objective on EQT from $74.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Sanford C. Bernstein restated an “outperform” rating on shares of EQT in a research note on Thursday, July 30th. Finally, Freedom Capital upgraded EQT to a “strong-buy” rating in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, EQT has a consensus rating of “Moderate Buy” and a consensus price target of $68.48.

Insider Buying and Selling at EQT

In other news, CEO Toby Z. Rice sold 175,328 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.03, for a total transaction of $9,648,299.84. Following the transaction, the chief executive officer owned 2,157,865 shares of the company’s stock, valued at $118,747,310.95. This represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 274,042 shares of company stock worth $15,005,076 in the last ninety days. Insiders own 0.72% of the company’s stock.

EQT Stock Performance

Shares of EQT stock opened at $53.18 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a market cap of $33.27 billion, a P/E ratio of 12.34 and a beta of 0.58. The firm has a 50 day simple moving average of $51.88 and a 200 day simple moving average of $56.51. EQT Corporation has a fifty-two week low of $47.94 and a fifty-two week high of $68.24.

EQT (NYSE:EQT) last posted its quarterly earnings data on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. EQT had a return on equity of 9.31% and a net margin of 28.44%.The business’s revenue for the quarter was down 29.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. Sell-side analysts predict that EQT Corporation will post 4.06 earnings per share for the current fiscal year.

EQT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 5th will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 5th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 1.2%. EQT’s payout ratio is presently 15.31%.

EQT Profile

EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.