Man Group plc Acquires Shares of 512,963 EQT Corporation $EQT

Man Group plc acquired a new position in shares of EQT Corporation (NYSE:EQT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 512,963 shares of the oil and gas producer’s stock, valued at approximately $27,274,000. Man Group plc owned about 0.08% of EQT as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Greykasell Wealth Strategies Inc. purchased a new position in shares of EQT during the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. acquired a new position in EQT during the 2nd quarter worth $26,000. Wedbush Fund Advisers LLC increased its position in shares of EQT by 251.8% in the 2nd quarter. Wedbush Fund Advisers LLC now owns 577 shares of the oil and gas producer’s stock worth $31,000 after purchasing an additional 413 shares during the last quarter. Gables Capital Management Inc. acquired a new stake in shares of EQT in the 2nd quarter valued at about $37,000. Finally, Root Financial Partners LLC raised its stake in shares of EQT by 35.4% in the 1st quarter. Root Financial Partners LLC now owns 773 shares of the oil and gas producer’s stock valued at $49,000 after purchasing an additional 202 shares in the last quarter. 90.81% of the stock is owned by institutional investors and hedge funds.

EQT Price Performance

Shares of NYSE:EQT opened at $54.79 on Thursday. The company has a market cap of $34.27 billion, a PE ratio of 12.71 and a beta of 0.58. EQT Corporation has a fifty-two week low of $47.94 and a fifty-two week high of $68.24. The firm has a 50-day simple moving average of $52.17 and a 200 day simple moving average of $56.43. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.19.

EQT (NYSE:EQT) last issued its earnings results on Tuesday, July 21st. The oil and gas producer reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). EQT had a return on equity of 9.31% and a net margin of 28.44%.The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the business earned $0.45 EPS. The business’s revenue was down 29.2% on a year-over-year basis. On average, sell-side analysts anticipate that EQT Corporation will post 3.97 EPS for the current year.

EQT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Wednesday, August 5th will be issued a $0.165 dividend. The ex-dividend date of this dividend is Wednesday, August 5th. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. EQT’s dividend payout ratio (DPR) is 15.31%.

Analyst Ratings Changes

Several analysts have issued reports on EQT shares. BMO Capital Markets cut their price objective on EQT from $76.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings lowered EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Stephens boosted their price target on EQT from $71.00 to $72.00 and gave the company an “overweight” rating in a report on Wednesday, July 22nd. UBS Group dropped their price target on EQT from $74.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. 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, eighteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $68.10.

Insider Activity

In related news, CEO Toby Z. Rice sold 175,328 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 2,157,865 shares in the company, valued at $118,747,310.95. The trade was a 7.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 274,042 shares of company stock valued at $15,005,076. Company insiders own 0.72% of the company’s stock.

EQT Company 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.