Canada Pension Plan Investment Board Makes New $20.35 Million Investment in EQT Corporation $EQT

Canada Pension Plan Investment Board acquired a new stake in shares of EQT Corporation (NYSE:EQT) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 382,702 shares of the oil and gas producer’s stock, valued at approximately $20,348,000.

Several other institutional investors and hedge funds have also recently modified their holdings of EQT. BlackRock Inc. bought a new stake in EQT in the 2nd quarter valued at $3,204,125,000. Bank of New York Mellon Corp purchased a new stake in EQT in the 2nd quarter worth $512,148,000. The Manufacturers Life Insurance Company bought a new position in shares of EQT during the 2nd quarter valued at about $163,705,000. Legal & General Group Plc bought a new position in shares of EQT during the 2nd quarter valued at about $127,420,000. Finally, Deutsche Bank AG purchased a new position in shares of EQT during the second quarter valued at about $119,461,000. Institutional investors own 90.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Stephens lifted their target price on EQT from $71.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. Barclays dropped their price target on EQT from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Truist Financial reduced their price objective on EQT from $74.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, June 24th. Citigroup lowered their target price on EQT from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Tuesday, July 28th. Finally, Weiss Ratings cut shares of EQT from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 274,042 shares of company stock worth $15,005,076. 0.72% of the stock is currently owned by company insiders.

EQT Trading Down 0.4%

Shares of EQT opened at $54.56 on Friday. The company’s fifty day simple moving average is $52.33 and its 200-day simple moving average is $56.40. The company has a market cap of $34.13 billion, a P/E ratio of 12.66 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.19. EQT Corporation has a twelve month low of $47.94 and a twelve month high of $68.24.

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

EQT Announces Dividend

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

About EQT

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.